Despite the limitations previously pointed out, I do think Raid 1 is worthwhile if you want some protection against losing your data. The feature is built in to just about every motherboard you can buy.
The thing you didn't mention is how much do you want to spend? Because you can spend practically an infinite amount of money, and someone will still come by and say you could be safer, or you could make it faster, if you only did X instead. For example, Skuzzy advocates not using raid and doing frequent backups... true, but costly. The cost isn't just in dollar signs either, but also in time, both to implement and to manage the backups.
So if you want to protect against a single hard drive mechanical failure, I'd say to go ahead and use your motherboard's (whichever one you get, it'll probably have it) Raid 1 feature. Or raid 5 feature if your motherboard has it and you want to buy at least 3 hard drives. If you want speed obviously raid 0 has the potential to be better, but its rather risky and probably not worth it except in specific applications. Which asks the question... what are your intended applications?
You could do a raid 0+1 (or is it 1+0? I forget the terminology), basically two raid 0s raided into a raid 1, a lot of motherboards support that. But that's at least 4 hard drives (more money) and you're only getting the space of two of them. And someone will quickly point out that you should just do a Raid 5 with 4 hard drives instead (maybe slower, get the space of three hard drives though). And then someone will point out you should just get a dedicated Raid 5 hard drive controller card. And them someone will say, "no that company sucks, get this controller card instead". And before you know it you're spending two grand when Skuzzy pipes in with a backup solution that IS cheaper than all that.
So the final answer comes down to... how much do you want to spend, how much and which risks do you want to take or mitigate, and what are you going to use it for?