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If it was working yesterday and I dropped it, it's the HD?

If it was working yesterday and I dropped it about 2 feet on the hard counter top, I suppose it's the HD? And, if so, then all the re-formatting with the PC is a waste of time, right? This thing (Go Gear hdd070/17) is about 5 years old, and I can't believe they are still selling for about $200. But should I toss it and quit buying gadgets?
Jeepster, October 2009