You /can/ fix this if you don't mind getting your hands dirty and are fairly good with a screwdriver.
You need to buy (from ebay) a working drive of the same model, then swap the logic boards. Its fairly easy to do and this ~$50 + 2 hours labour fix will save you having to buy a new one.
Obviously this invalidates the 3y warranty with rrod as well.
(Doesn't apply to you obviously, but for anyone outside of the year)