ServeTheHome have created a RAID calculator which is great for you to find out the usable capacity of say RAID 1 versus RAID 5.
The calculator currently at version 1 will give you the usable capacity for a given configuration by calculating approximate array features. Future versions will include mean time to data loss calculations, ZFS RAID levels plus support for Windows Home Server V1′s drive extender and Windows 8′s storage spaces.
You can find the ServerTheHome RAID Calculator here.
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