Ok, guys, I run a large county government network complete with 40+ servers, a 1.4TB SAN, and lotsa other goodies. Quick and dirty on RAID:
RAID 0 = you really do not get much speed increase. Damn sure lose reliability
RAID 1 = More reliable, not space efficient. We use this on servers where we use the drives just to load the OS and store the data on the SAN.
RAID 5 = provided it is a stable hardware-based solution, this is the shizznit. If set up properly, it can take multiple drive failures, and recover on the fly with ease. I regularly pull bad HDDs out of RAID arrays in production servers, slap in the new one, and keep right on trucking. Too damn expensive for most home users.
Honestly, for a home user, skip the RAID bullshit and just get some good fast drives and make regular backups.