I was having big time problems with InCD so I tried Write CD-RW! Short of full OS support of Mt. Rainier, this is the best there is. You can eject the disk using the button on the drive. There's no icon in the system tray. You just insert a blank CD-RW, then right click on the drive and select: format...; then you just drag and drop. I can't find anything wrong except it puts a small file on the disk when it's created that has the wrong time; the date/time is 16 hours or so before the file was created.
Can eject the CD-RW with the drive button
Full Mt. Rainier and UDF support
Pro version with Read CD-MRW! lets any CD drive read the disk
Supports drag and drop
Uses a caching system so the drive is available almost immediately after formatting starts
Too expensive for what it does. $49.95US for Write CD-RW!
Pro Version is $69.95