A bad sector is probably the beginning of the end. I guess I'd replace the disk, depending on the criticality of having that laptop up and running all of the time.
However, if you have another rig to back your data up to, you could continue to use the laptop in its present state until the disk really gives up - and replace it then. There *are* chances that the disk may last a while.
Given the comments you posted in the other thread: Although I dont have answers as to why the load/unload cycles are ridiculously high, I'd say the disk is setting itself up for a drop. In my experience, HDDs that churn out weird numbers or show up as disks with different capacities / models are about to fail. You could try subjecting it to a couple of stress tests after backing up your data to see how it holds up.
If you do get around to replacing the disk, I'd suggest you buy a 5400 rpm Seagate Momentus or Hitachi - 5400 rpm is the sweet spot between the more expensive 7k60 series and the measly 4200 rpm disks, and deliver performance close to that of a 7200 in a notebook.