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Is the new hard drive formatted with FAT32?
usually the PS3 will pick it up no matter what format it is (external needs to be FAT32), since when the PS3 formats the disc when you first put it in, it uses a proprietary file system that is unlike FAT32 or NTFS and can only be read by that specific console (which is why a drag and drop backup wont work).
Anyway, to answer your question, I'd take it back out and try again, and make sure you have it secured (since it has to slide laterally after you insert it to secure it) and if that blue screw is stripped like mine, still put it in there, but just finger tighten it like I did with mine. Hopefully it will pick it up (also make sure that it's in there straight)
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