If my system is in degraded RAID 5, with 2 out of 3 drives working, then why can't I boot up? I thought RAID stripes the parity over all the drives for that exact purpose?
Sry - I have little time to reply/help now - irresistible family time

BUT ... what you have now is a DEAD RAID5

(from what I deduct now)
- You had a 4 drive RAID5
- it went degraded when you sent back that IDE drive
- it went dead (fails to autoassemble) when it couldn't find the 3rd drive i.e sda2 (or disk 1 in the conf printout)
In your configuration the RAID1 is boot area only
...after the kernel is loaded it can't contiunue, does panic, because root "/" cannot be found (as it is on md2 which does not get assembled ... see above)
Please have a closer look at that (non performing) drive.
- If possible use a new mdadm on a live linux cd for sleuthing
(keep in mind that the arrangement of your disks is nonstandard and the uuid fails to show correctly)
- Check why you have "all of a sudden" 488397168 sectors on one disk (hpa)
Regards
Reinhold