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wow thats terrible, if the drive died on you or controller on the drive or the controller on the motherboard died then yep should be covered under the warrenty.
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one thing to keep in mind is a device mean time between failure (MTBF) is high in the first couple of weeks or so for any devices, (they are however tested thoughroughly by the manufactures before release) then after you get past that stage should be stable from then on for at least 4 or more years before anything more goes wrong with your h/w...
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According to Seagate for these drives (mine is a 500GB ST3500620AS), should have 700,000 hours w/ 5 year warrenty 
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Should also make sure the environment is good enough for your drive because once you start pushing the limits that greatly reduces its life span, for example humidity, temperature, moisture, etc,...
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its always a good idea to run some good tests on your h/w early in the piece, for at least 1 or 2 weeks each day so that if anything does give, you pick it up early and send it in for the warrenty repair, before you start saving critical data onto it.... if you have no choice then better to backup to dvd until the system settles.. just my 2 bobs,..
