Check this out
http://en.wikipedia.org/wiki/RAIDBasically RAID5 is more reliable and provides more redundancy. RAID 5 distibutes data and parity info evenly across all of your drives. RAID 5 is the fastest and the most common implementation of RAID and it requires at least three drives. However a RAID 5 array will use about one drives Worth of space for parity (error correction). So if you have four 120 gig drives the effective storage capacity of your array will be about 360 gigs. But, if one of your drives fail, all of your data will still be intact.
RAID 1 mirroring will use the drive space differently. With a mirrored array you will only be able to use about 240 gigs of storage space. Plus mirroring is SLOW.
JJ 3000 I hooked up 4 120 gig seagates on the raid card and 1 could not be found whats the difference from raid 1 and and raid 5
A better question is: Should I set up a hardware or a software RAID configuration?
Hardware RAID is a lot more reliable. (I don't have too much experience with software RAID)
What are you trying to accomplish with your array?