I think it's a must for Seagate that Seagate's FDE technology be integratable into the TPM environment. I think Wave's keys management is more server-based than Utimaco's, but I may not understand what Utimaco offers. In any case, I do know that Utimaco's technology is not TPM-centric like Wave's is, so it's safe to say that Utimaco's keys management is not TPM-based. I do think your hunch is correct that the Seagate/Utimaco collaboration is in the non-TPM world.
I wonder if Dell 1.2 notebooks, when they are introduced, will be able to support a portable Seagate FDE drive as a peripheral plug-in? That would be handy for an enterprise worker in taking data out of the office. Wave is building support for Seagate FDE drives into ETS and ESC, so it would not surprise me to see Dell 1.2 notebooks with either built-in FDE drives and/or with plug-in capability.