I just discovered what a RAID 5 is, and it seems the best solution to my particular needs. I want to set it up to work for the OWC thunderbay enclosure I have. I bought this before they started bundling the SoftRAID software with it.
From my internet research, it seems like there is no way to set up a RAID 5 in Disc Utility. SoftRAID seems cool but is 179 bucks. Are there any other options that are cheaper or free?