I went through this process (adding a larger drive) and thought I was OK. But after the raid synch'd up, I tested it by pulling one of the drives out and trying to boot, only to find all sorts of problems (the server wouldn't boot, got grub errors, then server would crash trying to mount the LVM etc etc).
Word of warning, if you're thinking of cloning a disk with g4u, ghost or whatever, these won't work as the Linux RAID reads drive serial numbers as part of the process and the cloning tools can't change that. That may have had something to do with my problems too. It also had my server out of action while they were cloning for a couple of hours, but I was doing that as I was paranoid about stuffing up my RAID as I thought only one drive had data.
In the end, I restorted to working through the
http://wiki.contribs.org/AddExtraHardDisk and
http://wiki.contribs.org/Raid:Manual_Rebuild to add the larger disk, then create the partitions on the new disk exactly as the old disks - ie creating a 500GB drive on the 1TB one, reinstalling the grub, then adding into the RAID and letting it rebuild, then removing the original 500GB drive and adding a new 1TB drive as above, thus creating a proper 500GB RAID on two 1TB drives, then growing the LVM partition. Apart from the cloning, I did all this on the fly. There were a few reboots, but that was only a few minutes until the system came back up.
Found a good tutorial somewhere on the net regarding creating a RAID on the fly using mdadm, sorry, can't put my finger on it now, that also enhanced the above how-to's quite well.