The Raptor will give you better seek times than any 7200rpm drive but at a cost - 2 250Gb 7200.10s will be less and in RAID0 give a better sustained transfer rate than the Raptor.
Which is the better option? Some folk will say that the seek time is important, especially at boot time however I'm of the opinion that a fast transfer rate is better.
A pair of decent 7200rpm drives will shift upwards of 120Mb/s on a well setup controller, a single Raptor will be doing well to reach 80-85Mb/s. The seek time difference is only about 7ms so the file doesn't have to be that big for the RAID array to finish first. With game levels coming in the 100s of megs then there's plenty of scope for the RAID array to come out on top.