I think I'd go with FreeNAS, I've tried to run that before but found the hardware I was using to be too noisy. I liked the software. One feature I really like about this microserver is the fact it has an internal USB socket, making booking off a USB key really easy!
Speed wise do you think this combo would beat a cheapo 4 Bay off the shelf NAS ??? I have some more RAM I can put straight in to take it to 4Gb.
If I build a software RAID5, could I expand it in the future by adding 2Tb drives as required ???
Cheers
Cris