Unless you are storing critical information I would go with raid0 as it is faster overall. It is definitely worth it in my opinion.
Heres a little bit of info I dug up that goes into the basic +/- of the various raid levels. I copied the raid0 and raid 5 portions below.
taken from:
http://www.prepressure.com/library/technology/raid
RAID 0 Can be done with 2 drives.
In a RAID 0 system, data are split up in blocks that get written across all the drives in the array. By using multiple disks (at least 2) at the same time, RAID 0 offers superior I/O performance. This performance can be enhanced further by using multiple controllers, ideally one controller per disk.
Advantages
* RAID 0 offers great performance, both in read and write operations. There is no overhead caused by parity controls.
* All storage capacity can be used, there is no disk overhead.
* The technology is easy to implement.
Disadvantages
RAID 0 is not fault-tolerant. If one disk fails, all data in the RAID 0 array are lost. It should not be used on mission-critical systems.
Ideal use
RAID 0 is ideal for non-critical storage of data that have to be read/written at a high speed, e.g. on a Photoshop image retouching station.
RAID 5 minimum of 3 drives
RAID 5 is the most common secure RAID level. It is similar to RAID-3 except that data are transferred to disks by independent read and write operations (not in parallel). The data chunks that are written are also larger. Instead of a dedicated parity disk, parity information is spread across all the drives. You need at least 3 disks for a RAID 5 array.
A RAID 5 array can withstand a single disk failure without losing data or access to data. Although RAID 5 can be achieved in software, a hardware controller is recommended. Often extra cache memory is used on these controllers to improve the write performance.
Advantages
Read data transactions are very fast while write data transaction are somewhat slower (due to the parity that has to be calculated).
Disadvantages
* Disk failures have an effect on throughput, although this is still acceptable.
* Like RAID 3, this is complex technology.
Ideal use
RAID 5 is a good all-round system that combines efficient storage with excellent security and decent performance. It is ideal for file and application servers.