My really old RAID PC is still going great after many years. It's only RAID 0 though for pure speed, so no advantage for mirroring to safeguard data. Infact is much worse as if only one drive fails then you are completely stuffed for everything. I think the main reason it's been very good though is it was a top quality product at the time. 2 Raptor efforts running at 10k or somesuch. Very pricey at the time, but very good.
I've had a few go over the years, mainly in laptops interestingly. I've had both instant failures and ones that are more obvious (a few weeks of loud whirring and ticking noises, BSODs, reboots etc). Main thing I did, if I hadn't got a recent backup, and Windows repair disks wasn't having any of it, was to boot Ubuntu from CD and then browse to the harddrive to grab all the files I needed. Was a bit of a lifesaver once or twice (for friend's laptops that they didn't backup rather than mine normally).
Personally I copy important files to a NAS and a couple of mobile devices (eg. iPhone, USB stick or two etc) every time I update them. Secondly on my main PC I also have Spysweeper (Webroot) that has an automatic schedule to backup files to the internet. I also make a complete PC archive about once a month, and every couple of months burn off a DVD of important files. A bit overkill but I also work from home now and again and even though everything is over a VPN I also have docs I update only on my home PC.
Out of interest my wife used to work at HP, and their policy with backups was it shouldn't be within something like 30 miles of the actual data. My guess it is to do with a nuclear blast for an extreme case. Put your backup within that and the blast will wipe out (isn't there an electric pulse that will wipe any drive? But also the blast itself may destroy it) both your data and your backup. Where I work the hardware guys said the same sort of thing. So no, a RAID shouldn't be seen as a backup. It only helps if one of the drives nose dives. Useless if the computer is stolen, is caught in a fire etc etc. It's a very good disaster recovery tool is all really, assuming the PC didn't get any external stress that may effect both drives.
Cheers
I am 99% probably lying in bed right now... so don't blame me for crappy typing
Current fave quote : "She was like a candle in the wind.... unreliable...."