Predicting failing disk and SMART

WinVista is reporting that one of my hard disks is approaching imminent destruction and obliteration.

The "party" reporting this is the SMART driver. While Seagate has a page that explains what SMART does (http://www.seagate.com/support/kb/disc/smart.html), it seems Windows does not exactly show which aspect of the disk is having problems. Does anybody use other more detail tools to conduct disk checks?

[Window Title]
Microsoft Windows

[Main Instruction]
Windows detected a hard disk problem

[Content]
Back up your files immediately to prevent information loss, and then contact the computer manufacturer to determine if you need to repair or replace the disk.

[V] Show details  [Start the backup process] [Ask me again later] [Cancel]

[Expanded Information]
Immediate steps
Because a disk failure will cause you to lose all programs, files and documents on the disk, you should back up your important information immediately.  Try not to use your computer until you have repaired or replaced the hard disk.
 
Which disk is failing?
The following hard disks are reporting failure:
Disk Name: Maxtor 4D040H2 ATA Device
Volume: E:\
 

I'm having the same problem with the Western Digital Hard Disk WDC1200BEVS when I run Western Digital Data LifeGuard Diagnostic for Windows on SMART Status it say FAIL, so what's that?

Please any help, Thanks

It means you should prepare for the disk to break at anytime, and keep valuable data backed up somewhere else.

The thing is, my disk has been reported for a very long time now by both Windows XP and Vista. Although Vista is a helluva fussy about it than XP. Probably means i lucked out with a disk that lasts so long....