I think it will be a while before Acer pops out another Ferrari. The 3200 just came out, and people are still having problems with it. They are probably going to need to put a lot of work into a new one.
I had the same exact problem. I ended up taking it to a local computer store, and had them slave it to a desktop so it could be formatted. I got it back, and it worked. It was free for me, and if it isnt, it won't cost much at all.