I created a single virtual disk with two SSDs in RAID0, and a single virtual disk with three HDDs in RAID5. Performed the Win7 install onto the RAID0, and then partitioned and formatted the RAID5 from within win7 into a 500MB data drive (E:) and a 1.3TB backup drive (F:). I also pointed the built-in win7 backup utility at the backup drive. I'm fairly impressed with the included disk and backup utilities - easy to use, nice interface, no 3rd party apps necessary.
I've had all I can take with the BMC & FFRU/SDR. I'm going to watercool the CPUs, GTX295, and if possible, the IOH. I don't want any fans plugged into the motherboard directly, and will use some sort of 3rd party fan speed controller. The sheer number of options in terms of waterblocks, radiators, etc, is bewildering. Of course, the goal here is to get the quietest possible system.