I've had some trouble with disk crashes lately (5 year and one month old Maxtor 250GB's) so I'd be inclined to set up the 250's as a RAID 1 (mirrored set) as the boot drive and leave the 500 as a data disk. I really hate losing my boot partition. I have so many utilities and applications that I use almost daily that it takes me a full day to get the system up where it's usable. After that I spend a week figuring out piece by piece what's missing (as I run into them).
But then again, you really only have 4 choices.
1) run each drive as standalone
2) run the 250's in RAID 0 (striped 500GB) and the 500 standalone
3) run the 250's in RAID 1 (mirrored 250GB) and the 500 standalone
4) run a (there's a number for it, but it's not really RAID) JBOD configuration with all 3 drives (1TB).
I wouldn't even consider 4. One bad byte and you lose everything.
If you really need performance and space, then 2 is a good option, but you have no redundancy and risk losing stuff without good backups.
If you don't need the space, but want data redundancy, then 3 is the way to go. If one drive fails, you have the other to rebuild the array from.
Now, if it were me, I'd find a way to get another one of those 250's and run those three in a RAID 5 configuration (Striped with shared parity). You get the best of both worlds there. Speed from the striping and redundancy from the parity.