I have always heard (read) that hardware raid is much better than software raid (speed and transparent to the OS).
I have two Compaq servers, one a DL380 and a 1850r (both dual processors, the DL380 has dual 3.2GHz and the 1850r has 600MHz processors) with 6 drives in each, setup with 5 drives Raid 5 with the last as a hot spare.
SME only sees one drive in both and if I have a failure, the hot spare is suppose to be used by the RAID controller to replace the bad drive. If I have two bad, I still am suppose to have full access to the data and can hot swap the drives. The OS doesn't see hardware RAID, it just sees the logical drive(s) that are setup outside of the OS so it doesn't know about or care about hot swapping drives unless you have a failure that destroys the RAID data (i.e. 2 drives fail in an array of 3 drives ... the smallest RAID 5 combo.
Haven't had a problem, yet. {fingers crossed

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Can't answer your question about 4 processors and the OS, don't have it so I haven't looked.
Do know that if you have two logical drives, the SME server will try to configure them as a RAID1 (mirror) drive if they are the same size. Or complain about them if you don't allow the OS to configure them as RAID.
I have a USB drive attached to the DL380 to do backup to and I get an error emailed to me (after a boot) stating that I have a redundant drive error (it sees that I have two logical drives but they are not being used by the OS as a RAID drive. I have been ignoring the error since I know why it is happening.
I have seen posts that talk about using two separate logical drives on a SME server but again, I am not using one (except for backup) so I haven't deal with working with them.
HTHs.