I too, am having the exact same problem. My 2TB external Seagate drive was partitioned for Time Machine backups as well as misc. media files.
I am running OSX 10.7.2 on a late 2011 MBP.
What I have tried so far:
- data recovery software (Recuva, SeaTools, Data Rescue)
- tried via USB on other systems (XP/Vista/7)
- removed it from its enclosure and hooked it up as a slave drive in my desktop
- reformatting from cmd+R DiskUtility
- reformatting from Terminal
Unfortunately, the drive does not support FW.
So far, the drive still seems dead and I am losing hope here. Any other suggestions?