Hi,
i have a pretty similar conifg (400 mhz PII, 256 MB RAM, 2* 18 GB SCSI Disks) and the read performance improved after installing raid 1. I did not measure or compare. But you can "feel" it. Also Raid1 on e-smith is faster than raid 1 on NT4 Server. Only writing large files is slower.
If the files do not change to often and you have a good backup-device, i perhaps would not use raid1. It is more costly. And failure of a harddisk is not to often.
I need raid1 for heavy changing data. Backup alone will not do with that.
alex