Tom's does not give the WD Sharespace very good marks:
http://www.tomsguide.com/us/NAS-WD-ShareSpace,review-1142.html
It supports Raid 5 ... which in the 4T version gives you 3T of storage and single drive failure protection.
I think you can build a 4T NAS Drobo for about the same price. There are reviews that indicate the the Drobo is also a bit slow:
http://www.devwebsphere.com/personal/2009/02/drobo-2nd-generation-review-a-month-later.html
I have used plenty of RAID systems at work and I have never been that happy with them. The issues typically are:
1. a drive fails and no one knows about it .... this is only an issue if the RAID is in a lab, attached to a system that does not get monitored. When the second drive fails ... everything is lost if the system is a RAID 5. (A very bad day!!!) Also, if you buy a bunch of the same exact drive at the same time, then run them in a RAID with each drive getting about the same amount of work, then the odds of having multiple drives fail in a narrow time frame increase over a collection of drives at different manufacturing times or from different manufacturers. (+1 for Drobo)
2. a standard RAID 5 (like the WD Sharespace) requires identical drives. You need to make sure that you can still get the drives that you are using. The Drobo is better in that respect because it does not require identical drives. I had this problem with one RAID system ... the drives we were using had been discontinued for a while. It cost a fortune to buy a replacement. (+1 for Drobo)
3. Rebuilding takes forever (exaggeration) and seriously slows things down. In all of the RAID systems I have used, when I have had to replace a drive, it has taken more than 12 hours to rebuild the drive from the other drives. In addition, if the remaining drives (the undamaged ones) have any unrecoverable bit (read) errors the array may not be able to rebuild itself at all. (-1 for both!)
4. Every one of the RAID boxes I have used has been loud because of fan noise. Sticking 4 (or more) large drives into a single box will generate lots of heat. Additionally, when you use RAID, the data (if striped) and parity will be spread across the drives. This means that all drives will be used for almost all accesses. So, you will need lots of cooling. It is also typically that drives in a RAID will rarely spin down when not in use. Hence, lots of fan needed for cooling to keep the drives from failing from heat stress. (-1 for both)
Given the issues I list above, I would think that the Drobo would be a better candidate because it does not require identical drives. YMMV!
Currently, I am backing up non-media files to an extra set of external drives manually. For my media library, I am "sharing" with a co-worker. (Think of it has off-site backup.) We both have copies of all of all the media files so if one of us loses a drive, we can recover the lost files from the other person's drive.