I started having a similar problem after finally installing Windows 7 SP1--had to run the Windows Update Fix in order to get THAT to work!.
It wasn't just external HD, although that's what I noticed first. I unplugged my keyboard, because one suggestion was too many USB devices drawing too much power. When I plugged my keyboard back in, guess what? NO KEYBOARD!
I do IT support for a living, but my own systems are often put off 'until I have time'.
Long story short, fixing this required a BIOS update. I have an Intel dq45ek mobo, and there was a BIOS update that related to 'legacy USB device recognition'. Why this became a problem after the SP1 update, I don't know, but I tried resetting the CMOS (worked for others), tried removing devices through device manager (except did not try removing all the USB controllers, that was going to be my next step), tried searching (for hours) through dozens of forums), ...
Now onto the next project..
Steve