Heh, it's now gone up to 1048744. The only thing that's happened between the last figure and this one is that I've safe disconnected it from USB once and now I just powered it up again.
When it was in the laptop, it was managing to boot Windows (though it was acting oddly, explorer hanging, Task Manager taking 30 seconds to fill out the statistics in the performance tab, etc).
I like how the SMART status is still "caution"

There should be a SMART status worse than "BAD", like "DANGER, WILL ROBINSON!".