I too normaly have good luck with chkdsk.. I think this is the first time i have ever had it completly fail. It just seemed every sector was bad. I found it funny that the 120 gig drive was showing 160 gig.
I personaly have had great luck with HDD's in general although after reading your post and dealing with this drive, i am going to make for sure all my important data is backed up.
I can't remember the last time i bought a new HDD.. I get so many junk computers to scrap out i have just been using old used drives...Might be time to go shopping!