I use 6 750GB configured as 2 3-drive RAID 0's, then I configure SuperDuper to do nightly incremental backups. Should the boot array fail, OS X is capable of booting from the backup. To keep OS X from indexing the copy, I simply leave it unmounted. SuperDuper is smart enough to mount the partition and unmount it afterward. I still have to check the backup periodically to make sure it hasn't failed.
The advantages of that approach are a slight improvement in speed and a safety net should you lose or corrupt a file. The disadvantage is obviously that you have risk of data loss for any changes between nightly backups. You can always run a backup manually if you have data that you want mirrored immediately.
With Time machine it's not clear that my approach is really necessary since I'm primarily protecting myself from myself, but the manual mirroring approach also protects against OS failures and bugs. I find that OS X's implementation of file-based partitions acts weird over a network and I've had to rebuild those a few times. With RAID 1 I would have been screwed. Remember, RAID is not a substitute for a backup. SuperDuper is ;-)
It makes no sense to create an array, then partition it into two or more active partitions in hopes of improving performance. Specifically, creating a swap partition as opposed to putting swap on the main partition itself. All you are doing is forcing a mandatory seek distance instead of enabling the OS to optimize. It also doesn't make sense to swap to a redundant array but I don't have that problem. ;-) Good performance means enabling your system to find optimization opportunities. Hard partitions erect barriers and create configurations that are forcably degraded.
In a bug-free world, it may be more interesting to to run RAID 1 in combination with a RAID 0 Time Machine drive. Just speculating based on not knowing how Time Machine really works. :-p I know that Time Machine requires a separate partition but I don't know if the system can recover should that partition fail.
Finally, after having been a RAID firmware developer in a previous life, I can honestly say that I'd never use a RAID 3/4/5/6 product unless I absolutely needed to and, these days, drives are so big that most of us really don't need to. RAID 0/1 is relatively easy to implement and is fast. Parity-based RAID is sufficiently hard that most vendors are incapable of doing it right. I know because (1) I was responsible for some eye-opening bugs myself, and (2) I did dozens of competitive evaluations and not one products worked when trouble started. I've owned plenty of RAID products other than my own, and the few times I needed them to work they always failed. No need to use parity drives when the system will lose data in any case.
Remember, redundant RAID levels are needed when the system absolutely must continue to run in the event of drive failure. Few of us actually need that provided we have an effective recovery mechanism (which Macs particularly do, I love that!) since all we risk is the work we are currently doing. Considering that many of our systems lack sufficient redundant hardware, we are fooling ourselves in believing that RAID actually buys us much. How many RAID users consider just how many different kinds of failures their systems can actually tolerate? If a drive failure costs you a half day or day to recover but otherwise results in no data loss, isn't that good enough?