I've not done it since the NT days so things have moved on a bit but if it's anything like the old days it has some good points and some bad points.
The mirroring (RAID1) option is by far the best, it's bootable, easily created and recovery was just a case of rejigging the boot.ini to change the disk number and away you went (or if you planned in advance there was already an entry).
Striping was OK, not as quick as hardware based RAID0 but pretty good when compared to the cost of RAID cards back then. If I recall striped volumes can't be boot drives which kind of defeats the purpose.
The RAID5 option has the usual disadvantages of software based RAID5 - poor write speeds. However it's a viable option for volumes where the bulk of the traffic is reads.