This same problem occured with me.
I noticed the system tray icon was red, when it should have been green. Everything had been working fine for weeks.
Now the Maxtor Manager reports either a capacity of 500Gb (correct) but 0 free space, or a capacity of 0 with 0 free space, and a file system that is just three squares, rather than "NTFS".
Attempting to click on the drive in Windows Explorer gives the "Corrupted or Unreadable" error.
I just leave my drive attached at all times (like I should... it's a backup drive, backing up on regular intervals... why would I ever disconnect it?)
Right now, it's a useless doorstop... someone tell me what happened, how to fix it, and how to prevent it from happening again!