Get the raid if you want to, you probably won't notice any difference in speed as most modern drives run MUCH faster than the rate that video plays at.
If you want raid for the redundancy aspect of it, and are willing to take the hit in usable space, then it's worth it.
If you just want raid 0 to boost performance, it's not worth it IMO. (one drive fails, you loose the whole array ... not the best scenario to be in)
EDIT: I'm not saying raid 0 is bad always, just in this scenario, it is impractical. I know you folks who are big on video or audio editing and sometimes encoding can get big benefits from having a really really really big and fast scrap volume to mess with.
If you want raid 0 because it's cheaper to buy multiple 200-400gb drives per GB of space than it is to buy one of the 500GB+ drives per GB of space, then use your best judgement.
My HTPC has a 200GB drive in it that I use for live TV recording as well as the OS, MythTV, and other software (under 4GB of space). It can record about 100 hours worth of DVD quality mpeg2 with my Hauppage prv150. I set the settings down a bit, as I am just replaying it to a SDTV with an S-video connector, and the loss of quality can be noticed at times, but I can fit about 200 hours of live recording with it set up this way.
Any of my DVD's that I've ripped get stored on my file server and in the xvid format.
If you plan on storing DVD rips as well as recorded TV programming, or if you want to record HDTV, or if you simply want hours worth of recording space, then a larger drive or array is warranted.