Just found this thread and felt the need to respond, even most of a year later.
Yes TLER does work on these types of drives, and it does solve problems that might otherwise have lead to data loss. I had an "old" 2TB Seagate drive (ST32000542AS) that I'd been using as a quick place to throw large files. It got to the point where the drive held many useful things that, while I wouldn't have been devastated had I lost them, I would also not have been too pleased. So I decide to get a few more 2TB drives and make a raid5 out of them. Everything went well and I had a Linux software RAID5 up and running in a few hours, leaving it to build overnight - I was able to go from a single drive half full of data, to a RAID5, via a RAID1, without having to replace the content of that first drive; Linux RAID is awesome (yes, I did back things up - the step I saved was the upback.)
A few weeks later, the old drive got kicked out of the array due to bad sectors, so I quickly ordered some more drives (I bought three actually, and now have a RAID6 made of 5 2TB drives.) I didn't want to lose data in the event of a second drive failure while waiting for the new drives, so I wanted to try and get the bad drive back in the array and move data to good sectors - after a little research I found out about the need for this timeout, and it so happened smartools command had recently been patched to do this (this was ~May 2010.) So, I set error recovery to 7 seconds, Linux did its thing, the array rebuilt, and I had some safety back while I waited for replacement drives.
Now I find myself in need to a new 2TB drive that supports TLER/CCTL and is at least as big as the current drive. I have one drive with 803 Offline_Uncorrectable/Current_Pending_Sector (i.e. bad) sectors. While SMART doesn't think its failing, I don't want to wait until it does. hdparm -g /dev/sdb reports geometry = 243201/255/63, sectors = 3907029168, while hdparam -I show the device size is 2000398 MBytes. As my Seagate drives are no longer in production, can anyone tell me if the SAMSUNG EcoGreen F4 HD204UI is at least as large, or if there's a better 2TB option?