If you want to do RAID-1 you will need 2 identical hard drives, or it will limit the bigger one to the smaller size... Im not 100% sure if the different buffer sizes will make a difference or not.
I have 2 500's in a raid-1 array for redundancy (against physical hard drive failure).
As far as speed goes, no noticeable difference in read speed, although you likely wont get anything noticeable without a RAID card and probably 4+ drives...
IIRC raid 5 (you need at LEAST 3 drives) splits the disk into the same number of "segments" depending on how many hard drives you have. Each segment has portions for each other hard drive as a backup. If you have a hard drive failure, instead of coping from 1 drive to another, it copies from ALL the drives to rebuild the new "array" much quicker. It will usually read quicker (having multiple storage drives) and write quicker (since it splits the info up on multiple drives)
Raid 0+1 (or 1+0) needs min. 4 hard drives. Essentially you take 2 sets of hard drives, and "stripe" them (so 2 hard drives acting as 1. More space) and then 2 take the 2 SETS of hard drives, and you MIRROR them for redundancy, or backup.
For basic "backup" and storage, raid 1 is the best option, although I doubt you'll see or notice any increase in read speed or load time on things.
ETA
as MattQ said, if you delete a file, or have a virus problem, it wont act as a "backup" at all. It safeguards you from PHYSICAL damage! If you want a backup hard drive, any brand of external hard drive will usually have backup software to backup files as you create them. Im sure you can get programs to do this with an internal hard drive as well (possibly even Microsoft has stuff like that).