Rode with my daughter on Thursday and had to stop quickly for a light at the bottom of a 47mph descent. The rotor got red hot and the brakes screamed. After that it sounded as if the brakes where metal on metal with a horrendous grinding noise. I thought the pads must have been wasted but when I pulled them they where not. The bike has just shy of 160 miles on it so I believe pads where bedded.
The pads look ok (very discolored though) and the rotors look gouged. Stopping power from the front seems vastly diminished. Do I need to replace pads and rotors or is there something I can do to restore them?

Team weight on this descent is @480
Bike is Cannondale RT2 with stock BB7s and Avid 203 rotor