All RAID config's have pros and cons. There are a slew of different RAID configurations but the most common are 0, 1 and 5. I run RAID-0 on my Asus mobo for the performance (making sure to have proper backups in case of disk failure).
RAID-0: Provides improved performance and additional storage but no fault tolerance from disk errors or disk failure.
Basically, two disks... Twice as fast... Twice the space... Twice the chances of a disk failure and data loss.
RAID-1: Provides fault tolerance from disk errors and single disk failure.
Basically, two disks mirrored (minimum) that are written to with the same data so that if one crashes the data is still preserved on the other. Still same operating speed as one drive and requires a shutdown with disk replacement before you're up and running again in RAID-1. But at least your data isn't lost.
RAID-5: Striped Set with Distributed Parity. Distributed parity requires all but one drive to be present to operate; drive failure requires replacement, but the array is not destroyed by a single drive failure.
Basically, the same speed as one single drive or RAID-1. Minimum 3 drives and if one fails, you can still use the computer. Upon replacement of the failed drive, the RAID array repairs itself or requires you to initiate the repair. As long as only one disk is lost, this array won't cause data loss or much downtime (if any).
Read more here:
http://en.wikipedia.org/wiki/RAID or just Google "RAID".