It wouldn't hurt to run the apple hardware test cd if you have it. I think you can also boot that mac in target disk mode if you just want to confirm that the HD is ok. If it's working fine though, I would just be sure to backup important data and move on. Also, have you installed any 3rd party apps recently?
To answer your question directly, I have never heard of a case where this was a sign of a future failure, in fact, I have never even heard of this happening.