For my piece (or peace) of mind, I would
Invest in SoftRAID 4 : it can convert from Apple RAID to theirs and is a better RAID utility; and see what their support says about Lion and when they will have their own product fully tested and working with the shipping version of Lion. Too often things looked good and ready and yet last minute changes get snuck in and lack of communication and sharing goes on.
Partition tables change. I don't even believe in upgrading over an older OS, I do find reformat with the new OS makes sense, can make its changes, install, and then import/migrate the old files I need, if any, after it is up and running and works. And know that nothing from the old OS or old sytem played a role.
For data, there is good reason to rebuild your array with Lion. I use a new OS as time to replenish and replace drives, and use the old drives as backups. (and always have mulitiple backup sets and clones of volumes).
People learn, the hard way, things like "you can't install or boot Snow Leopard off a Leopard created array" - an array in one case that had multiple partitions, one for each OS. You could do so if you created the array partitions with Snow Leopard though.
Tiger was the first time that OS X arrays were equal or better than OS 9 built, was 10% performance boost over Panther, with the limitation that Tiger's were not backward compatible and would not mount under Panther.
Every new OS has brought changes to Apple Mail and other files, so sharing home folder library and prefs was never really supported or a good idea.
Applications can sometimes do the same and change format, once opened and saved under a new application, or having to Save/Export under old format. (FinalCut Pro X anyone?)
Large storage arrays need to be as OS independent as possible, and one vote of confidence for Hardware RAID controllers, except almost certain to have to upgrade drivers, dropped support for some, firmware updates even are always real recurring and possibilities).