Yes, I've worked on many Dells that pop up the same message right after POST. It's part of the built-in S.M.A.R.T. technology on the motherboard used to detect early signs of hardware failure for devices that support it.
As a drive wears, response times during bootup slow. S.M.A.R.T. detects this and warns you that the drive may go out soon. All you need to be concerned about at this point is making sure you have everything backed up. There's nothing wrong with continuing to use the drive until it fails. It could take months. Just be sure to make backups frequently (every couple weeks or so depending on how often you add/remove items to your PC), so that when it goes it won't set you back very far.
Remember, the error you're seeing could be a result of all kinds of readings from the drive, some more serious than others. Therefore, I would take it lightly with a grain of salt. The drive could easily have 1-2 years of life left, or it might go within the next week. The point is to move on as if you never received the error, always acting as if a hard drive can fail at anytime.
~cdogg
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