First, DISCONNECT the drive in question and don't attempt to mount it again until you have your data recovery software ready to go.
I would suggest DataRescue (may be up to version 4) as the best data recovery tool.
You can download it for free.
It will scan the mis-initialized drive, and present you with a list of files DR thinks are "recoverable".
HOWEVER -- you can only recover ONE file.
The purpose of doing the above is to let you check to see if the software looks like it will work for you BEFORE you pay the registration fee.
If it looks like it will work, you pay the fee, get a registration number, enter the number, and then DR will "go to work" on the drive.
IMPORTANT:
You WILL need ANOTHER drive equal in size to the first to which to recover the files. This becomes your "scratch drive".
As mentioned above, you'll probably lose all previous folder and file hierarchies, and file names as well. This is "par for the course" with data recovery.
IF some of the files are mp3's or jpeg's, you MAY be able to dump the files into iTunes or iPhoto (in NEW libraries), and then the software will look at the metadata and recover the file names. No promises.