It means there is a problem with the device. Make sure that the FireWire port (IEEE 1394) is enabled in your BIOS. Also, verify that the drivers are loaded properly (probably the issue).
To get the drivers to load automatically, you can uninstall the device from your Device Manager (right click, select uninstall, say yes to removing the drivers). Then restart the system. Windows will see the "new" hardware and as long as the device is working properly the drivers will be reloaded auto-magically.