Do you know if you're running the latest firmware on your external drives? I'd check and apply any updates. Also, check the firmware on your Mac.
Also, kinda late, but with any kind of OSX software update, as a general rule, you should disconnect everything you are currently not using from the computer. I remember back in the Jaguar and Panther days that some people with USB hubs were screwed bad during software updates if they left them connected.
Not sure if this kind of precaution needs to be taken, but with external drives, I would definitely think so. Good luck. Let us know what works if you fix it.