I could of course just drop back to a simple mirror and forget RAID5, but I really want that extra 250Gb.
Yeah, I know the feeling.
A *lot* of people seem to prefer RAID 1+0 with a four drive setup. That's two pairs of RAID1, which are then combined into a single virtual drive with RAID0 striping across the two pairs. Or the other way around (0+1)
Very reliable, very fast -- more so than just two pairs of RAID1 would be. But still no extra 250GB.