Raid 0 on a decent controller would smoke a RAID 1 set up since you can effectively double the bandwidth of the RAID drive set up in a RAID 0 (although it probably is around 60% more bandwidth, guessing).
RAID 5 is essentially a RAID 0 with a parity stripe that allows for reconstruction of the RAID array if one drive fails. If you only use the minimum of 3 drives for the RAID 5 then you have to take the RAID off line to rebuild. Adding the 4th drive to the RAID 5 (which is actually creates a RAID 6 setup since you are stripping two parity drives which is what gkfahnbulleh describes) allows for continuous performance of the RAID set up while one drive is being reconstructed. You probably should take the array off line to rebuild though.
It terms of performance RAID 0>RAID 5>RAID 6>>RAID 1, your mileage will vary depending on the quality of the hard drive and the controller you use. You can quickly spend money on this type of set up.
RAID 0 is never a good idea for important data or an OS but is great for high performance gaming systems. However if you read performance reviews (which I do not have links to) the performance of a good RAID 5 set up can come within 10-15% of a RAID 0 with better protection against hard drive failures.
Geoff
