Hi Slick,
Had another look on my machine and the 'Current Media' key only exists if there is a disk in the drive, once the disk is ejected, the key disappears. I'm using Windows XP Professional SP1.
Saying that, I have had a look at another XP machine, which is quite locked-down, although it has a CD writer in it, it doesn't have the key mentioned.
Do you have the recording tab when you go into properties of the drive? Have a look at this MS article http://support.microsoft.com/default.aspx?scid=kb;en-us;316529
I think we used this to lock the machine down, so users couldn't write cds without using a 3rd party app.
Hope this helps a little more!