I've dealt with a number of hard drive configurations, and I will tell you now, if hard drive space is not an issue, the Raptor is the faster overall solution, unless of course you're looking to throw in three or four drives in a RAID 0 which of course increases the risk of failure even moreso.
Now, in theory the two 7200RPM drives in a RAID 0 should cut their access times in half, which should drop them down to about 4ms or so, the same as a single Raptor, but this simply isn't the case in all situations.
The only time you might see a RAID 0 array performing around the same speed as a Raptor is the write process, most intergrated RAID controllers do not support read stripping therefore game load times etc. wouldn't be decreased noticably with a RAID 0.
To summarize, storage size you want the RAID 0. Speed you're looking at the Raptor.