My guess is that you are experiencing some minor issues related to you SCSI bus! The LED's usually give a pointer to what the drive is actually doing and I wouldn't be surprised if the 'waiting for reset' can be translated directly to you blinking code!
I/O errors could be an indicator that your SCSI bus is incorrectly terminated, old firmware on either controller or drive, poor device driver for either controller or drive or a transfer rate set to high for the device's taste!
Try updating drivers for the controller and the drive, and test/replace your SCSI cables and ensure that an active terminator is present on the SCSI bus! Also - try and lower the transfer rate for the SCSI ID to e.g. 10MB/s while troubleshooting!