I had the same problem last night. I took my drive over to a friends house to transfer some media files, he uses windows, but used MacDrive to access the drive. I got it back home and it would not mount. It spins up a bit, then a bit of clicking, then it appears in Disk Utility. But is incorrectly identified as a 2 TB drive, when is actually a 1 TB drive. I opened the case and found it is a WD10EACS Western Digital Caviar Green ATA hard drive. I tried first to use Disk Warrior but does not appear. Since my friend has most of the files, I could reformat the drive but Disk Utility fails to do that as well.
Is there any hope? I order Snow Leopard today, does anyone think that will have a solution?