My experience with at least the later Syquests hasn't been good. They're basically hard disks, and it seems too much to ask them to be removable, too. Their 40MB and 80MB disks seemed to do ok, but the higher-capacity ones apparently had too little margin to survive the rigors of daily use.
Your COD problem could be due to a bad drive (as is commonly assumed), or it could also be due to a bad disk. If you have another disk that you don't mind risking in that drive, you may want to give it a try. The clicking is the result of the drive repeatedly trying, and failing, to find track 0. That symptom by itself is insufficient to assign blame.