it depends on what kind of array you use. If the data is stripped on 2 drives with the os on them, an don fails. you will loose everything. Also, it might not be just the hdd that can fail. The mobo could, or if a power cable comes loose, you are likely to screw things up. (i hit my case to hard a jostled a cable loose, that destroyed my array.) If the data is mirroed, then you should be fine, everything is backed up.
Honestly, though, if the OS is on a stripe, then you will get more perfromance, I have noticed about a 25% increase in win xp pro loading time, stripped than with a single drive. It is worth it if you are careful.
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