yeah the raid0 breaking stuff used to be the norm for shitty old scsi/IDE HDD's newer more modern HDD's don't fail as often I've used raid0 for the last 7 yrs and never had a disk fail alot of it comes down to case ventilation keep your HDD's under 50c and they'll be fine..... yes there is some risk but if you go with good HDD's like Western Digital or Samsung or Seagate then you should be just fine and for OS boot drive I wouldn't go above 2x 250GB HDD's or a couple of 300GB WD Veloci raptors
all of that is fine for a gaming machine, but not a nas or storage server or even desktop where you keep your most crucial data. Also not all sata drives are built for raid (infact most aren't) so those drives have a higher liklihood to fail. I work with servers all day and while it is rare to have a drive fail it does happen and you're screwed if anything important was on there in raid 0.
this is why we use raid 10 for servers which of course isn't an issue when the average one has 8 drives. Harder to do on a desktop where budgets are tight (4 drives required for raid 10)
I'd say get a couple smaller drives say dual velociraptor 150's instead of 300's and then grab a wd 1tb black edition for important data.
all in all I wouldn't recomend raid 5 for a desktop as the parity would negate most speed gains, especially on a built in mobo raid controller. Also raid 5 is annoying to rebuild as it takes forever.
If you have super critical data (your baby's first steps on video, wedding video, etc) opt for raid 1, and contrary to popular belief you will show an inprovement in read speed, just not write.
my nas has 2 raids on it the os raid is 2x160gb in raid 0 (takes less than 30 minutes to reinstall os and setup the server so no worries there) and the storage raid 2x wd 1tb green in raid 1. provides plenty of speed while giving me protection from drive failure on the storage raid. I just swapped the raid controller on it and in crippled mode my raid 1 copied at 30MB/s then once rebuilt the transfer back was 110MB/s really easy rebuild and didn't take much time at all I think too many people are too quick to dismiss raid 1.