I have heard the same problems with RAID 5 as well. If the rebuild time is long, and with the disks churning away trying to rebuild the striped data, then there is a window where you are vulnerable (and that window is at a time when the disks are very active). So yes, that would be a concern.
I know you have already ordered your gear - but since you decided to get an Airport Extreme anyway - what would be the harm in doing it the old fashioned way and just hanging a bunch of 1 TB externals off of it. I haven't had issues with video at 480mbs speed, and with that solution you could get off pretty cheap. Not to mention, you would have one huge advantage - keep a copy of your data off site. This way, barring cataclysmic circumstances, your data is secure and redundant. Adding storage would be as simple as adding disks.
One other solution, if you want fw800 speed - though not as 'cool' would be to pick up one of those Voyager Hard Drive docks from OWC. I think they are around $95, and allow you to hotswap SATA drives (both 2.5" and 3.5") into them. This way you could possibly store pictures on one drive, music on another, and then movies on a third (or eventually break them down by category once you are way above 1TB). When you need something, you just swap it in the drive.
The link to the voyager is:
http://eshop.macsales.com/item/Newer%20Technology/FWU2ES2HDK/
And the obligatory pic:
I don't know, maybe we complicate things sometimes and increase the costs by trying to go with better tech like hardware RAID. My only concerns is that cheaper, non enterprise level, hardware RAID solutions may end up being worse than low cost single drive solutions...
Don't mean to complicate this or anything - just giving you some more things to think about while your return window may still be open!
Good luck...