I don't really know about the other versions but I'm reasonably sure that all versions support the same hardware (I am running Ultimate 64-bit). In your case there is native support for the ich7 chipset and you can set it up any way you want.
I am running Intel's matrix raid with two volumes across 4 500G Seagates; 500G raid 0 and 1T raid 5. I set up both volumes in the bios and then did a clean install, Vista recognized both, ask me which volume to install the system on, and then it never looked back. After the installation was completed I installed Intel's raid manager and turned on write-caching.
I have had no problems and feel fairly secure putting all of my business and personal data on my 1T raid 5 drive (I also have a 750G external USB drive used for backups). Hd Tack says I have a sustained sequential xfer rate of 302Mbs across the entire 500G raid 0 volume and 187 over the entire 1T.
I'm going to try moving my RAID 0 to ports 3&4 (with SATA Lite-On DVD on port 5) tonight and see if that rids me of the Iastor timeout errors. (Deleting the IastroV registry parameters did nothing for me as I was experiencing only Iastor errors.) There is mention, however, of success in escaping Iastor errors by deleting BOTH Iastor and IastorV registry parameters on the below website: