Looks fine. But many dual-channel IDE controller cards also have one-LED per channel ("cable"), which is what you want, and which could save you a PCI slot or two -- many modern motherboards have only three PCI slots these days.. Think of the future (when your current mobo dies).

As for the hardware vs. software RAID: contrary to common theories, software raid has potential for the most speed (unless we're talking about 64-bit 66Mhz PCI.. which we are NOT, right?) -- especially with IDE drives. No single PCI slot bottlenecks with s/w RAID. But since you're using MS RAID s/w, all bets are off on that one.

Cheers