I would be using data striping (RAID 0) for extra speed (mainly the loading of the game in the first instance, not game play itself) and capacity. Yes you do have a larger chance of failure {(probablilty of a single drive failing) to the power of the number of drives in a set}.
But I havn't had a drive fail in ages and as a game PC I would go for speed and data volume over mirrored for redundancy. With our enterprise servers we use RAID sets and and clustered servers using 15k rpm drives, but that is overkill for a game pc which most vital data is the saved game file, which are rather tiny.
Of all the things that might kill a PC that is being overclocked I doubt the HDs will be the first to go (unless someone is playing with them too) and then the time taken to rebuild a PC will come down to how fast things get loaded which will tend to bottleneck at the HD. Later on when playing it is other things that normally form the bottleneck. So in essence I'm saying build for speed of loading the game to the system and more capacity and knowing that the flaw is no redundancy, back it up!
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