When it comes to multi TB data storage, it makes a LOT of sense to use some form of raid, in addition to hot backups. Maybe even add a cold backup job to that too. Backups alone are great but it still sucks to deal with lost data and having to do a restore when a drive fails. You have to reset attributes, permissions etc... and unless the backup is an exact mirror you may need to reorganize data how it was so stuff like file shares work etc. Use raid, and a failed drive is simply a minor inconvenience of having to swap a drive out. That said if you have to pick between raid or backups, then backups are better, but idealy do both.
Because drives are so big now, I tend to just do a raid 10 and call it a day. Raid 6 is a good option too. Raid 5 is a bit iffy due to the guarantee of total failure if another drive fails, and the long rebuild time. I do have one raid5 array left, it is 8 1TB drives, and a rebuild takes about half a day. I only use that array for backups of my two raid 10's so raid 5 is fine for that array. Should it fail, I did not lose anything. I still have the live data and the cold backups.