OK, so I made my decisions and will set up my new Mac Pro like this:
2.93 Quad/8GB RAM from OWC/2xGT120/NEC3090 30" - ACD 23" and 20"
four Hitachi Saturn Enterprise 1TB HDs for internal RAID 0
with "everything" loaded, OS/apps/work data/iTunes media for fastest read/write.
original 640GB HD goes into optical bay
hourly scheduled backup (CCC incremental) of OS/apps/work data
in case of RAID array failure I can immediately switch over to the 640HD and keep working as if nothing happened. (the only thing missing temporarily would be the enormous iTunes library - until I restore the RAID drive from external back-up)
2 1TB HDs in external FireWire800 enclosure to back up the complete RAID0 drive daily/weekly (CCC incremental)
in case of RAID array failure I can restore everything, just have to wait several hours for file transfer.
several external HDs I have lying around to make extra back-ups of iTunes library and work files, maybe to store off-site.
APC BR1500 Back-UPS 1500VA plus one additional APC BR24BP Battery Pack for extra time. In case of power outage (common in Los Angeles summers) I can save open docs and shut down properly to keep the RAID 0 drive intact.
[Thanks Tesselator for the deciding piece of advice. I heard from more people that a RAID 0 really starts getting FAST when you have 4 drives, so setting up a RAID10 would be "safer" but slower and only half the storage - but not really safe, since power outage could still ruin the array, so you need an external back-up anyway and you would not have the same speed as with a RAID 0. All in all I'm looking forward to having basically one really smokin' fast 4TB drive. With a UPS in place and the (almost) best 1TB HDs I could find (Hitachi Enterprise level) the RAID array should be very, very stable. In case of failure I can immediately switch over to the internal 640HD backup drive and keep working. With this setup I just have to be very good about file back-up, which I think I have prepared for.]
My new Mac Pro, new 30" monitor and HDs will all be delivered today. I will let you know how it all turns out ....