The Drive would not necessarily fail to show as a USB mass storage device if the controller had failed, I wouldnt just call it a lost cause just because nothing worked and toss it to the side. I would pull it out of the enclosture and test it.
although noise coming out of the drive is almost a Sure thing that the drive failed, a bad controller could also instruct the drive to continue to do something such as swing the arm in and out trying to Initialize... ive seen wierder things.
I would suggest following my steps first before you bang your head into a wall trying to recover data.