Retrodata data recovery firm is reporting a critical manufacturing defect in some revisions of Seagate drives that shipped with Macbooks. The faulty drives were manufactured in China and contain firmware revision 7.01. You can find the revision under System Profiler > Serial-ATA. Apple has been contacted and is investigating the issue. I bet we are going to see some sort of replacement for these drives.
The problem seems to be that the “read/write heads appear to fail mechanically, quickly causing deep scratches to the platter surface, and rendering the drives practically unrecoverable.” So, our best recommendation is that you back up all your important data to an external drive immediately. Then I would keep an eye out to see if Apple offers free replacements for the drive. Heck, you could subscribe to our feed as well. We will be watching to see if Apple makes that kind of offer.