<< You probably have to use them as Masters on bothe channels >>
I'm using an ABIT TH7-II RAID mobo and have 2 - 40GB IBM 120gxps running RAID 0. Both are on the same cable, one set to master, one to slave. No problems here. The only problem (not really a problem but something I noticed) was that if you try to format in DOS mode, it will not see the drive as the correct size as it needs the RAID driver present to be able to do so. The only way would be to boot to your OS cd and do the partitioning and formatting from there (if you're using winnt, win2k, or winxp).
On another note, I'm not sure if this depends on what RAID controller you use (mine's on the HPT 370), but I ran benchmarks on my system using both drives on the same cable, and tried it again on separate IDE channels and noticed absolutely no difference. Of course there were tiny differences in the benchmark results, but they're negligible (something like 40kps difference which is nothing).