unRAID concerns me because of the dedicated parity drive. What if that drive fails? Don't I lose everything? I'm also confused about the ability to dynamically add capacity. Is it like Drobo where the volume size is fixed at startup?
No, if the parity drive goes bad you will only lose the ability to rebuild a disk should one fail. Parity basically does an XOR on all the bits/sectors of the drive to compute the parity. Should the parity drive go bad then you would only need to pop in a new one and start a parity build.
If you want to add a new drive to the array all you have to do is shut the server down, hook up the new drive, start it back up, load up the web management interface, go to devices tab and assign the disk to the array. Then go back to the main page and hit the format button. unRAID will format the drive by writing zero's to the entire drive, setting the Rieser FS and telling unRAID that there is a new drive available. Simple as that.
The forums there are one of the best I have ever been a part of and if you need help you are almost certain to get an answer.