The events with the 0x5 codes on your local disk may be nothing to worry about. I see these all the time on my IBM BladeCenter servers that use an LSI SAS controller locally. This is expected behavior for this controller:
http://www-947.ibm.com/support/entry/portal/docdisplay?lndocid=migr-5091090
Regarding your missing networked storage, have you followed this troubleshooting guide for fibre channel connectivity?
http://kb.vmware.com/selfservice/microsites/search.do?cmd=displayKC&externalId=1003680
What do you see when you look at the host's configuration tab and look at storage adapters? Are the FC adapters still listed? Are your devices listed and grayed out, or are they totally missing? Do you see a bunch of dead paths?