The characteristics are the same as for chosing a single hard drive, and depend primarily on the pattern of use - e.g will you be manipulating huge video streams, or accessing huge databases in a random fashion?
There are however, a few minor changes:
If you are using RAID 0:
then sustained transfer rate is less of an issue than for a single drive - as with 2 drives transferring simultaneuosly you may hit a bottleneck elsewhere.
Because RAID 0 is dependent of both drives reading information, access time is important (essentially the array takes on the access time of the slowest drive). Because transfer rate is higher, seeking may become the bottleneck (depends on your type of use - databases particularly).
In fact, with RAID 0, unless you spindle sync the drives (a SCSI only feature), you actually degrade the access time of the array further by, on average, a time equivalent to half a revolution. Spindle speed is therefore very important in a RAID 0 configuration if your application is likely to be seek limited (Not only does a faster spindle speed decrease the average access time, but it decreases the access time penalty caused by running unsynchronized drives).
With RAID 1:
Data transfer rate is equal to that of one drive, and access time is roughly 1/2 that of a single drive (if your controller distributes read requests intelligently, some don't, and only read from one drive). Transfer rate therefore becomes relatively more important than access time (and spindle speed) in this configuration.