Mike,
In an external (I'm guessing since you mentioned 4 drives) 4 bay chassis you'll be faster in RAID 0 than with RAID 5 (if you have the option of either or) & you're already understanding that you'll lose a little bit more than 1 drive's capacity running in RAID 5, as 1 drive is used for parity in the event that 1 of your 4 drives fails.
There are options out there that will allow you to populate a chassis with 4 drives and connect via Fire Wire 800, or eSATA or USB 2.0 that offer RAID 5 on-board & in fact we sell a unit like that:
EB400FR or, you could go with a mini-SAS connected JBOD chassis like ours:
EB400MS and populate with your own drives & buy an Areca 1223X card which will give you hardware RAID outside the box but at a higher cost and the use of a PCIe slot on your Mac Pro..where as the cheaper Fire Wire 800 RAID 5 box wouldn't need an additional card to run it.
Ultimately you'll be weighing price and speed against price & I/O and speed.
So, there's 2 options for you in the realm of external drive storage offerings.
Of course the more drives you have, the faster you'll go also...our eight bay mini-SAS EB800-MS with the Areca 1223X card will give you 900-1000MB/s in RAID 5 while with the 4 bay you'll be running at about 1/2 that speed.
We're all here to help if you need more suggestions.
Jonathan Schilling
Vertical Sales Manager
Proavio
12221 Florence Ave.
Santa Fe Springs, CA 90670
Dir: 562-777-3498
Main: 562-777-3488 X106
Fax: 562-777-3499
Email: jon@proavio.com