Raid 1 is a mirror, it copies the same information onto two drives, thus if one fails you have the second drive with the exact same information. The sacrifice for this is performance.
Raid 0 is a redundancy array. In Raid 0 the task of writing the information onto the drive will be split up with each drive responsible for a piece of the information. The major drawback to this is that if one of the drives fail and is unrecoverable you are in trouble because you will not have complete information on either drive. The advantage, at least so people say, is that you get a performance boost.
HOWEVER, an article about a month ago (can't remember where) benchmarked two setups, one Raid 0 one without, both using 74gb Raptors (the 10k rpm SATAs from WD) and there was little or no difference. In my opinion Raid 0 is not worth it because of the cost of the second drive. The performance difference is negligible at best and if you want what little gain there is to be had by Raid 0 I would strongly recommend using two of the exact same drives, which will cost you some money.
IMO Raid 0 is not worth the money or the time. Others here may disagree but judging from what I've read and until I see differently in the performance area it seems pointless to me.