Excellent point, MrHoffman!
My direct "school of hard knocks" experience with Apple RAID is only with Mirrored RAID. I had an instance where one disk dropped out, and it appeared that at the first sign of a Bad Block, it broke the RAID and the errant drive wandered off. I repaired that Bad Block problem once, rebuilt the mirrored RAID from the good drive, and went on with it.
So the on topic part of my story is:
that at the first sign of trouble, the RAID seems to split (at least that is what the mirrored RAID did.) There may still be enough life in it to copy most stuff off.
... back to my "story" and what else I learned:
Then that same RAID drive developed another bad block shortly thereafter. I was not happy about it breaking my RAID again, but while stewing about it I realized that was EXACTLY the behavior I wanted. If the drive had the slightest problem, it was no longer good enough to hold my precious data, and needed to be replaced with a drive that worked absolutely perfectly.
Your suggestions that backups are still needed, even with Mirroring, rings true here.