It is similar - RAID0 will create the volume - but it is considered to be a single hard drive. If either drive dies - both are worthless as parts of the files are written on both drives. Spanned volumes basically are just two hard drives that are made into a single volume as Windows sees it. If one of the drives die - you can lose the data on that drive only - the other drive continues to operate.
RAID is a good thing if you are on a production server, and you have the proper hardware to support it. On the servers I run, typically I have a $500 - $20,000 RAID adapter, and generally run 10-20 drives in the array. I keep spare drives on hand in case of drive failure (I run RAID 5 or RAID 10 - which has fail over drives). The PC version of RAID is not as reliable, and creates more headaches as compared with spanning volumes.
I have multiple servers at work with RAID, of the 5 computers at home (including HTPC and a server), none have RAID installed.