Juan Loaiza from Oracle has written a paper on this topic and their recommended storage architecture is Stripe And Mirror Everything (SAME). Find the paper at: http://otn.oracle.com/deploy/availability/pdf/oow2000_same.pdf.
SAME translates into RAID 0+1. Additionally, several folks from the Oak Table Network have assembled a site on the negatives of RAID 5. It is somewhat subjective and a bit entertaining, but is mostly right in my opinion. There are also many links to other papers and articles regarding RAID 5. Check it out at http://www.baarf.com/.
This was first published in October 2004