Predictive failure is S.M.A.R.T. reporting that a gradual degradation of the drive has been noticed and you are advised to replace it before complete failure.
This prediction is based on many things, such as read errors and the like. See
http://en.wikipedia.org/wiki/S.M.A.R.T. for more specific info.
It may however be a bug in the drive firmware, and assuming you have your data backed up and such (insert data safety disclaimer here); I personally would check to see if a drive firmware update is available, and if so, update to it. Then watch the S.M.A.R.T. indicators to see if the problem still exists. But then again, I'm cheap.