As reader50 says, SMART utilities, especially Apple's, provide "absolutely worst case in this or any nearby universe" indications of "failing" disks through the utility's interpretation of the SMART data. One or two blocks is to be expected through the life of a drive, and the drive typically attempts to recover the data and write it to good blocks - often so slickly that you never know it happened.
On the other hand, when the disk itself says "I'm bad," all SMART utilities I'm aware of just pass that on straight to the user without interpretation.
If SMART says BAD, it's bad. If it doesn't say "drive has failed," then the user needs to interpret the data, and apply a very critical analysis to what a utility concludes about that data.