Okay then, so for my own edification (at the very least), a copy of the 
English product user guide can be found at 
http://prodotti.zyxel.it/USERSGUIDE/ZYXVMG-8924.pdf (nevermind from the 
Italian site).
What I'd do step by step:
1. Ensure USB drive is formatted FAT / FAT32
2. Plug USB drive (powered up as appropriate) into router USB port
3. Log into router via web browser with default admin credentials at 
default management address
4. Click over to Network Setting / USB Service / File Sharing page
5. Enable file sharing services and provide suitable host name (assumed 
"RouterNAS" hereafter; click "Apply" button
6. Click "Add New Share" button; select volume from list box (assumed 
"usb1_1" hereafter); click "Browse" to specify the share path (assumed 
"usb1_1" as the disk root directory); select "security for the access 
level"; click "Apply" button to proceed
7. Click "Add New User" button; provide username (assumed "Martin" 
hereafter); provide password and confirmation; click "Apply" button to 
proceed
8. Ensure that the checkbox next to user "Martin" is checked; click the 
"Apply" button at the bottom of the File Sharing page to apply changes
9. Open Finder, press <Command-K>; enter path "smb://RouterNAS/usb1_1/" 
and click "Connect"; when prompted enter username "Martin" with 
suitable password. Should this fail try username as "RouterNAS\Martin" 
with same password
Background info from the PDF
- At the bottom of page 1 you find the default admin credentials
- The USB service description is from page 183 onwards
- On page 184 it specifies the file systems supported as FAT / FAT32 
only and applicable protocol as CIFS (aka Windows SMB 1.0 I believe)
- The file sharing configuration is discribed on pages 185-188.
- On page 186 there's a screen shot which is interesting - it seems to 
can specify the SAMBA (?) hostname (I'm assuming equivalent to a 
Windows NetBIOS name). It also shows an example of a folder share with 
an effective path being something like 
smb://<device_name>/usb1_1/<shared_subdir> and also a list of users 
permitted. It seems this list of users is likely very separate from the 
admin user list (with different passwords?). Note the checkbox to 
"activate" a user account for a particular share.
- On page 187 is a description of the process to add a network share 
Note the option to mark the share "public"; I'd assume this would then 
be available to anonymous users. The alternate options appears to be 
selecting "security" which then refers back to the user activation list 
in the screenshot in page 186.
- The process of creating a user account for file share purposes is 
described on page 188.
Hope this is of some use, even if only to confirm that I'd be in the 
same predicament as you...
Justin