Thanks for the input guys. I went ahead and reformatted the drives into a RAID 5 and I definitely saw a performance hit, but I’m still getting 180 MB/sec which is plenty fast for what I need.
Just to make sure I did everything right I pulled a drive out while I was playing back Uncompressed 720p60 and my G5 didn’t drop a frame. Popped it back in and the drive started rebuilding (all while still playing back Uncompressed HD). I’ll keep it hooked up to this backup machine for a few weeks, but it looks like my RAID is set to go.
I got in to the habit of keeping an extra drive packed away in a drawer in the edit room for those times when the Xserve RAID would loose a drive, so it sounds like I should plan on ordering one for the G-Speed XL as well.