Windows 7 - Found ("working properly"), unable to do ANYTHING

I haven’t seen anyone with my specific problem, though GREENSCRABBLER was very close.

After installing a Windows update (7, 64 bit), my Passport stopped working.  Now when following various suggestions on Windows and WD support forums, I can see my drive (LED works, feel it spinning as well), and Windows says it is working properly, but no files are present & even attempting to format the drive brings up an error message.  I can do NOTHING with this HD.

The same problem happens when you connect the Passport to another PC?