I'm not too clued up on RAID yet, but maybe you can help. I remember not being to impressed with the access speed of the MacBook Pro 7200 drive. SSD on the Air impressed me when it came to startup and the like.
Might it be a consideration to buy two 640GB internals rather than a sole 1TB to set RAID up, in addition to an SSD for boot? Is that possible/sensible?
It's quite possible.
You'd see even better performance by getting additional drives into the stripe (RAID 0), and place everything on it. OS, apps, and data. That's the up side.
The down side is that the failure rate of a single drive is multiplied by the number of drives in the stripe. So a 4 drive stripe is 4x more likely to fail in the same period of time. If this happens, ALL DATA IS LOST. Replace the drive(s), and restore the data from backups. So
backup is absolutely essential, not an option.
If you choose this route, be sure you can spare the time necessary to rebuild the array manually, and re-perform any work that was lost, as there's always the possibility the backup is older than what you lost, even if it's only a couple of files. Those files may or may not be important, and if so, can potentially cost you hours or more of time to re-do the work. Bad for meeting deadlines if you're generating an income from it, or need to get assignments in to professors on time.
If you need redundancy, you'd want to look at other array types. OS X is capable of 0/1/01/10. Of these, 01 and 10 offer redundancy, but 10 is the better of the two. Check out Wiki's
RAID page, and follow the links for more information. Then there's hardware solutions, which can offer other arrays, such as 5/6/50/60.
Keep in mind, even if the array offers redundancy, you still need a backup solution regardless, not just with a stripe. Data can be lost, and I've seen it happen with different array types. I've done it intentionally in fact, as I test an array before trusting data to it (drives and controller behavior, power outage,...).