1. A method for context sensitive detection of a failing I/O device, the method comprising: sampling and recording a response time of an I/O device for each of a first plurality of time intervals to generate a first plurality of sampled and recorded response times; applying a mathematical model which characterizes the first plurality of sampled and recorded response times, the mathematical model providing a frame of reference for defining an I/O failure; performing a test to ascertain whether or not at least one I/O error occurred during the first plurality of sampled and recorded response times wherein, when the first plurality of sampled and recorded response times includes at least one time interval during which an I/O error occurred, the response time of the I/O device is sampled and recorded for each of a second plurality of time intervals to generate a second plurality of sampled and recorded response times; comparing the second plurality of sampled and recorded response times to a set of predicted response times generated using the applied mathematical model; when the second plurality of sampled and recorded response times deviates from the set of predicted response times by at least a user defined amount, then switching the I/O device to an alternate I/O device.