Failing hard drive, should i be concerned?

i recently got a message saying "sorry, you hard drive is failing. unreadable sectors in /dev/sdb1

so I looked into it, and based on the log, it seems ok for now(other than read errors). should i think about getting a new hard drive though??
here is the output of smartctl -a

smartctl version 5.37 [i686-suse-linux-gnu] Copyright (C) 2002-6 Bruce Allen
Home page is http://smartmontools.sourceforge.net/

=== START OF INFORMATION SECTION ===
Model Family:     SAMSUNG SpinPoint P80 series
Device Model:     SAMSUNG SP1644N
Serial Number:    S0E9J1GL500634
Firmware Version: BV100-37
User Capacity:    160,041,885,696 bytes
Device is:        In smartctl database [for details use: -P show]
ATA Version is:   7
ATA Standard is:  ATA/ATAPI-7 T13 1532D revision 4a
Local Time is:    Tue Oct 14 18:56:41 2008 CDT
SMART support is: Available - device has SMART capability.
SMART support is: Enabled

=== START OF READ SMART DATA SECTION ===
SMART overall-health self-assessment test result: PASSED

General SMART Values:
Offline data collection status:  (0x00) Offline data collection activity
                                        was never started.
                                        Auto Offline Data Collection: Disabled.
Self-test execution status:      ( 121) The previous self-test completed having
                                        the read element of the test failed.
Total time to complete Offline
data collection:                 (3701) seconds.
Offline data collection
capabilities:                    (0x5b) SMART execute Offline immediate.
                                        Auto Offline data collection on/off support.
                                        Suspend Offline collection upon new
                                        command.
                                        Offline surface scan supported.
                                        Self-test supported.
                                        No Conveyance Self-test supported.
                                        Selective Self-test supported.
SMART capabilities:            (0x0003) Saves SMART data before entering
                                        power-saving mode.
                                        Supports SMART auto save timer.
Error logging capability:        (0x01) Error logging supported.
                                        General Purpose Logging supported.
Short self-test routine
recommended polling time:        (   1) minutes.
Extended self-test routine
recommended polling time:        (  61) minutes.

SMART Attributes Data Structure revision number: 16
Vendor Specific SMART Attributes with Thresholds:
ID# ATTRIBUTE_NAME          FLAG     VALUE WORST THRESH TYPE      UPDATED  WHEN_FAILED RAW_VALUE
  1 Raw_Read_Error_Rate     0x000f   100   100   051    Pre-fail  Always       -       0
  3 Spin_Up_Time            0x0007   100   100   025    Pre-fail  Always       -       6080
  4 Start_Stop_Count        0x0032   099   099   000    Old_age   Always       -       1686
  5 Reallocated_Sector_Ct   0x0033   253   253   010    Pre-fail  Always       -       0
  7 Seek_Error_Rate         0x000f   253   253   051    Pre-fail  Always       -       0
  8 Seek_Time_Performance   0x0025   253   253   015    Pre-fail  Offline      -       0
  9 Power_On_Half_Minutes   0x0032   100   100   000    Old_age   Always       -       31h+12m
 10 Spin_Retry_Count        0x0033   253   253   051    Pre-fail  Always       -       0
 11 Calibration_Retry_Count 0x0012   253   253   000    Old_age   Always       -       0
 12 Power_Cycle_Count       0x0032   100   100   000    Old_age   Always       -       988
187 Unknown_Attribute       0x0032   090   090   000    Old_age   Always       -       65547
190 Temperature_Celsius     0x0022   112   082   045    Old_age   Always       -       42
194 Temperature_Celsius     0x0022   112   082   000    Old_age   Always       -       42
195 Hardware_ECC_Recovered  0x001a   100   100   000    Old_age   Always       -       257297
196 Reallocated_Event_Count 0x0032   253   253   000    Old_age   Always       -       0
197 Current_Pending_Sector  0x0012   100   100   000    Old_age   Always       -       1
198 Offline_Uncorrectable   0x0030   253   253   000    Old_age   Offline      -       0
199 UDMA_CRC_Error_Count    0x003e   200   200   000    Old_age   Always       -       0
200 Multi_Zone_Error_Rate   0x000a   100   100   000    Old_age   Always       -       0
201 Soft_Read_Error_Rate    0x000a   253   100   000    Old_age   Always       -       0

SMART Error Log Version: 1
No Errors Logged

SMART Self-test log structure revision number 1
Num  Test_Description    Status                  Remaining  LifeTime(hours)  LBA_of_first_error
# 1  Extended offline    Completed: read failure       90%      3742         54349089
# 2  Extended offline    Completed: read failure       90%      3740         54349089

SMART Selective Self-Test Log Data Structure Revision Number (0) should be 1
SMART Selective self-test log data structure revision number 0
Warning: ATA Specification requires selective self-test log data structure revision number = 1
 SPAN  MIN_LBA  MAX_LBA  CURRENT_TEST_STATUS
    1        0        0  Not_testing
    2        0        0  Not_testing
    3        0        0  Not_testing
    4        0        0  Not_testing
    5        0        0  Not_testing
Selective self-test flags (0x0):
  After scanning selected spans, do NOT read-scan remainder of disk.
If Selective self-test is pending on power-up, resume after 0 minute delay.

It would be good idea to backup

read this
HHD going bad? - openSUSE Forums