The raid 0 configuration should be faster overall, but you must realize that it's not a benefit unless you are doing alot of accessing of the hard drives. ie. Copying from drive to drive, video editing, loading of programs, running multiple concurrent users from a server, etc. Raid 0 is also not very safe for the fact that if one drive fails or you lose the raid array for some reason, then you lose everything from both or all drives. The really safe bet is to mirror(which gives you no speed increase) or stripe/mirror(which gives you speed, but also uses another drive to backup).
Now the WD SE drive with 8meg cache is the fastest ide drive out right now(mainly cause of the large cache, most ide drives have 2megs or less). It is going to be slower than a raid array of 2 drives and much slower than 4 drives, but most people's general uses are not as intensive to require a raid array because when you are already in a program, most operations do not take alot of time to execute on the drive. For instance, after a game loads, game speed isn't as much of a factor cause of your drive and you won't notice as much difference between a raid array or a single drive.
Now if you are going to be doing anything like running a server, or can't wait that extra few seconds for the program to load, doing high speed video transfer, or anything like that, then you might want a raid setup, or better yet, take a look at SCSI drives. I wouldn't use Raid 0 unless you were going to back up everything or use Raid 0+1. SCSI will cost you more cause of the controller and the drives themselves cost more but that's still an option since it's faster than just a Raid 0 setup, or compareable at least.
The WD SE 8meg cache single drive is a nice drive and I would definitely consider it if you want a "faster than the competition" drive, but again it just depends on what you want to do with the drive.