Goddamn, now I remember how confused I was when I researched this last year. Everybody says something different. It's really quite simple once it's set up though. Some comments, in no particular order:
1) As stated before, I'm running RAID 0. But the LDP ATA-RAID HOWTO author is quite clearly using the ataraid driver to run RAID 1. Presumably, they added RAID 1 support later. Arjan's HOWTO is quite dated, you may notice. Could be that RAID 1 requires a bit different setup, though.
2) My kernel does *not* have the first (CONFIG_BLK_DEV_PROMISE_202xx) chipset option enabled. It does use the IDE RAID and Promise Fasttrak RAID options (CONFIG_BLK_DEV_ATARAID and CONFIG_BLK_DEV_ATARAID_PDC). Like I said before, I think that the first option is for using the Fasttrak as a regular IDE card. But perhaps it's needed for RAID 1 - the LDP HOWTO author enables all three options. Dunno.
3) While the various writers all use initrd, I never have. I still don't understand why it's necessary, unless maybe it's for the case where people want to compile the RAID support as a module rather than statically.
4) I think you're misreading the CONFIG_BLK_DEV_ATARAID help - "choosing a low-level driver *below*" means picking either the Promise or Highpoint specific driver options that appear after you enable the generic ataraid support - not picking the CONFIG_BLK_DEV_PROMISE_202XX option.
5) Like you, I can't really find any hard evidence as to how the 20276 is supported. I found a post on some board a while ago that clearly stated that it was in 2.4.19. Maybe he was full of it. Or maybe it's not in the help file. Or, maybe it's not supported in the 202xx driver, but it is supported in the Fasttrak driver - which doesn't specifically mention its chipsets. So many mysteries...
That's about all I can tell you. This should teach us to get real RAID cards next time 🙂