In my experience, typically (on seagate drives) the "value" field is useless, and the "raw value" shows the actual number of reallocations. Some drives may mark it as a yes/no flag, but not typically, because then re-allocations would require not just 2 flags in precious memory space, but 3 - 1 for events, 1 for yes/no, and 1 for actual amount. Since I know as a DR guy that memory space is finite for this stuff, and 3 fields aren't even remotely required, logic tells me that this drive reads as all other drives I have seen, and it currently has 1 reallocation, not 200. And I also know that the odds of a drive stopping on 200 reallocations exactly is nearly impossible, logic still indicates it has 1 reallocated sector.
But that's totally beyond the point. The point is: if you question it, its dead. Whether its 1 or 1000 reallocations, if its effecting functionality its toast. If its beyond reliability, its toast. If its in your step-dads machine that does nothing but web surfing and doesn't know what an important file looks like cause they don't have one, then reformat the drive and see how long it lasts. Maybe even run Data Recovery against it once it does die 7 years later. And yes, I got all of his unimportant files back, and the drive had ~230 bad sectors by the time the rest of the machine failed....
