There is no setup - its just appearing on my desk whenever I plug it into my USB port. Drivers are included in OS X. Also, I am able to change the drive Icon, and the settings says that I have read/write privileges to the disc. However, if I try to change the privileges, all I get is an errornumber.
My guess is that this is because MSDOS does not have any type of security in the FS - but then why-o-why dont I have the rights for changing its name when I can alter every other setting for the disc??
I have seen this with various other MSDOS formatted media as well, so I think its a general problem with MSDOS media.