Sorry, I should not have used an ambiguous acronym. By "VCM", I meant Voice Coil Motor.
As for common mode voltages, perhaps that would be one downside of a Hall effect sensor.
Should you wish, for testing purposes, to correlate voice coil and spindle motor current against the power supply current variations recorded by your circuit, then there are usually test points on the PCB that you could use for this purpose.
The motor current could be measured by monitoring a current sensing resistor, or parallel resistor array. One end of this resistor will be grounded. Similarly, you could sense the VCM current by monitoring a sense resistor in the VCM H-bridge. This resistor will be floating.
You can see these arrangements by referring to the application circuits in the datasheet for a typical SMOOTH motor controller.
Datasheets for HDD motor controller ICs:
http://www.users.on.net/~fzabkar/HDD/HDD_Motor_Control.html
L7250, SMOOTH, spindle motor + VCM controller, ST Microelectronics:
http://wandrew.regruppa.ru/PCInfo/TechDoc/L7250(Smooth).pdf
http://www.datasheetcatalog.org/datasheet/SGSThomsonMicroelectronics/mXyuswx.pdf
I hope my tutorial will be of help to you in locating these test points.
Tutorial - how to locate the basic test points of an unfamiliar HDD PCB:
http://www.users.on.net/~fzabkar/HDD/Tutorial_SP0411N.html
BTW, here is a direct link to your circuit (no ads, banners, popups, etc):
http://199.91.153.173/6d35nlrb9dog/i2h64yyl9lhq9yf/SATA+Activity+LED+for+Each+HDD.pdf
You might find these motor oscillograms useful:
http://nazyura.hardw.net/000004.htm