The Areca ARC1280 was limited to 70.000 IOps; that's achievable with one Intel SSD in 512b random reads or two Intel SSDs and 4K random reads. So exceeding 1 million IOps with hardware RAID might be very difficult; more likely you would get this kind of performance with software RAID instead, which can scale IOps much higher than Hardware RAID.Not just softraid, either.
1,000,000 IOPS can be easily achieved with 24 sandforce SSDs on a decent SAS RAID controller.
With 5 Intel X25-V 40GB in RAID0 under BSD i got up to 1234MB/s of RANDOM reads (512bytes - 128KiB); which is about 20.000 IOps @ 64KiB avg; should have tested 4K and 512b as well; but i think this will already bottleneck most Hardware RAID, including some very expensive cards.
Haven't played with newer Intel IOP offerings; i still have my IOP331 @ 500MHz Areca controller though.