Time Machine failure or broken hard drive?
(1) The Background
I have a 2009 13' MacBook Pro running OS X 10.8.2
I'm using a WD MyBook Studio 2To hard drive as my TM backup drive. For quite some time, I couldn't simply eject the drive and had to "force eject" it was apparently always in use, even though no application was running.
Two weeks ago, I dropped the drive from my desk. It wasn't a big drop and I ran disk utility to make sure everything was fine. It looked OK. This might have no link with my current problem but I felt that it happened too near to it not to mention it.
(2) The problem
Yesterday, my hard drive started acting strangely. It wasn't behaving properly, especially with Steam. I ran checks with Disk Utility and it looked OK, again.
Today, I had a power loss and my hard drive - that was plugged to my laptop - shut down. I received a prompt that "the disk wasn't unmounted correctly" which was normal. But the TM icon started showing a warning sign "Backup failed..."
I plugged the hard drive again but it failed to appear on the desktop. It appeared in disk utility but when launching a verification, it would state the need to be repaired. When lauching a repair, it says almost instantly "Volume repair complete" then gets stuck on "updating boot partitions for the volume as required". After a little while, I get a prompt telling me that the disk can't be repaired and I have to restore and back up my files.
(3) The questions
I am wondering whether or not it is a TimeMachine failure or my hard drive is broken. It is fairly recent and still under warranty. When I checked today, the metallic enclosure of the drive appears to be a little stilted. I hadn't noticed before. I am familiar with Time Machine being hard on my drives so it might be TM's fault too. I'm not completely sure and would like someone else' opinion.
In any case, I need to back up my files and erase the drive. But will it solve everything?
MacBook Pro, OS X Mountain Lion (10.8.2)