gregplus,
PCDR will not detect corrupted files per say. It reads patterns off the drive and compares them. There are many reasons files become corrupted that have nothing to do with the drive itself like a bad controller, RAM etc.
The SMART tests are a good indication of drive health. As read and write errors occur, counters in the drives SMART logs are incremented. When a predetermined threshold is exceeded you will see a SMART error. When this happens, it is time to buy a new drive. If the SMART tests pass the drive itself is most likely in good shape.
-Fred