Subscribing, I have a Maxtor One Touch II 300 Gb Firewire and USB drive similar as yours, and yesterday it just blinks quickly the blue lights, and is not recognized by windows, in fact if doesn't matter if is plugged or not with a usb or firewire cable, it just flickers its lights...
I have a Maxtor EXT drive Onetouch II - 200GB. It was working fine but, suddenly it was not recognized by the USB port. The 2 blue leds starts to blink together and quickly when i turn on the power, and doesn't appear in My Computer.
I tried to send a email to Maxtor Support but they couldn't tell me what's happening. The problem is i live far away US and is very difficult to me send the drive to tech assist. If anyone can help me i would be glad.