If redundancy with speed is what you're after, look at RAID 0+1 or RAID 5; the Anandtech FAQ's have info on the RAID levels and what they do. RAID 0+1 uses mirrored striping - sort of like a RAID 0 array, with a mirror of itself; it needs disks to be added in pairs though. RAID 5 uses striping with parity, but it usually needs more expensive controller cards to handle the extra work of doing parity calculations.
RAID 0 itself - yes, the odds of losing data from random hard drive failure do increase, but not by a whole lot. From what little I retained of my Probability and Statistics class, the odds do not actually double, but they do increase by a little bit. Either way, it is still minimal, but you should of course still back up anything important.