your theoretical setup of two 300g drives when used as Raid 0 provides a total of 600gb of storage, with a mibor imrovement in I/O performance, better speed, but not significant. This is accomplised by Raid deciding which drive to write to or read from based on which one can access information faster. Your correct, one dies, both are dead, because date is files are split into chuncks of data sent to the first available drive.
Raid 1 would only provide a total of 300g because both drives are mirrored (exact copy of each other). So if one drive fails you do not lose any data.
So unless you want a minor increase in speed or don't want to lose data, raid is not your solution. Stick with 2 IDE or SATA drives.
There are other combinations of raid, such as 0+1, 5, 10.
Bottom line, if your not serious enough to do the research to determine if Raid meets your needs, Don't waste your time.
The speed increase from RAID 0 is actually significant. about 50-80% depending on read or write.
RAID 0 is striping, it doesn't randomly send data to one or the other, it splits data up into "chunks" which are sent in an orderly fashion to one disk or the other, and this is faster because as one drive is reading or writing, the other drive is either receiving, preparing, or also reading and writing at the same time. A lot of the speed increase is due to being able to use 2 read/write heads simultaneously. It's not a 100% increase in speed because there is some processing overhead at the controller
If you lose a drive, yes you lose all your data. And technically the risk is higher than a single drive because simply, there are 2 drives that might fail. But statistically, the MTBF on hard drives is so high, it's virtually not a factor. Think 300,000 hours on a single drive. With 2 drives, the risk doubles, and MTBF drops to 150,000 hours (a little over 17 years). That's still a damn long time.
Is RAID 0 overkill for desktops. I dont' think so. It is undeniably significantly faster than a single drive. And the risk is fairly small, even if you expect your drives to last 5-8 years, which I do.
RAID 1 is mirroring, meaning all data is written to both drives identically. This one is far less common than RAID 0 because it's expensive (need 2 drives and you get only half the total nominal storage) and because most people don't have a need to store data that securely. Most COMPANIES don't have a need to store data that securely (and if they did, they'd probably be using RAID 5 anyways).
For a consumer, the two flavors of RAID that are really useful in my opinion, is RAID 0 for the speed, and RAID 5 for the increased speed (not as fast as RAID 0) and redundancy (pretty safe but not exactly as good as RAID 1).
You'll need to read up on the technical details on RAID 5. I don't think anyone will want me to write up that level of detail here. Suffice to say RAID 5 is also known as Striping with distributed parity.