phaolo: By the way, if I'm not mistaken, 1 sector is only 512 bytes and reallocate ones mean 0 data lost.
SMART only warns you that there have been some problems to try to foretell hdd failure.
Nowadays hard disks tend to have 4096 byte sectors. Reallocated just means the drive has replaced a bad sector from its pool of spares. Remapping is often triggered by a write to a 'bad' location, since the drive does not need to be concerned about what used to be there anymore anyway. While it's not remapped, it's still bad. Sometimes data from a bad sector can still be read with enough retries and some tricks. Rewriting the same data can then trigger the drive to remap the sector, effectively fixing it. There are tools for this sort of thing.
I seem to recall that Google published a survey in 2007 that found that about half of the disks that actually broke gave some indications through SMART beforehand, and about half of disks giving such indications actually failed. So while it may give insight over whats going on inside the disk, it could be less useful than one might think.