I'd guess the controller (Silicon Image?) is the bottleneck, the transfer speed doesn't drop from one end of the array to the other.
Are your BIOS and drivers all up to date?
try setting it up in complete pass through mode and using windows software raid, since thats basically what itll be doing anyway, but this way the cheapo card might not bottleneck it as much.
My cheapo card (bought purely for more sata ports at first) runs my raid 0 array and my read speeds are a tiny bit over a single drive, but the write speeds are much higher. Thats with a SiL 3132 card, not in pass through, but I should probably try that actually....
Not being funny that is a £10 host raid card which has rubbish performance, do you not have raid on your mainboard? I would bet Intel ICH9, ICH10 or AMD 750/850 raid would be quicker than the Sil card.