RAID's speed advantages only really become apparent if you run them on a fast bus. Let's face it, most IDE drives can't fill the ATA/133 pipe yet except in burst situations.
Alternately, you have SCSI-RAID solutions, and SCSI RAID is now available in SCSI Ultra320 (320MHz bus, as far as I know). This means that in a large RAID, it could be possible to max out a 320MHz bus.
Keep in mind that what's slowing you down in games, as I understand it, is both the latency to the drives and the amount of data the drives can pull off at any one point. In theory, a RAID0 with 4 drives could fill a pipe twice as fast as a RAID0 with two drives. The more spindles you have, the more data you can retrieve at any one point.
Now, with IDE RAID, there's some rather obvious limitations, making what I just said a rather moot point. I do remember seeing something with quite a few ATA RAID channels on it a while back, but I can't recall which card it was.
Effectively, the speed gains are really only there IME when you have a lot of drives on a fast bus. The other pro for IDE RAID0 is the ability to have larger single partitions. It's too bad not too many IDE RAID adaptors support RAID5.