I currently have 2 - 40gb IBM 120gxp's in RAID 0. I ran the HD Tach 2.61 benchmark to give you some real world results. Unfortunatly, this cracked version of HD Tach won't do write tests so all of the following are read tests. Here's the results :
For one single 40gb 120gxp on ATA 100 - max 30880.0kps, min. 15903.0 kps, avg. 28447.5 kps
And here's my baby running RAID 0 - max 72736.0kps, min. 16588.0 kps, avg. 46309.9 kps
Like some others have said, you won't really notice a difference in gaming or standard programs (nothing noticeable to the human eye anyway), BUT there is a huge difference when rendering or encoding photos (large photos), digital video, or DVD rips.
Another important thing to remember is that both drives don't have to be identical, however if they are different sizes, your RAID setup will only be as large as twice the size of the smallest drive.
Example: 2 x 40gb = 80gb RAID or 1 x 30gb + 1 x 40gb = 60gb RAID (10gb's lost)
and MOST importantly is mentioned earlier when if one drive goes out, you lose everything. so make sure if you want to venture into this, you either have an extra hdd to backup your data or possible do a RAID 0 + 1 (mirroring and striping)
Hope this helps