Currently my images sit on separate hard drives. I'm looking at moving them to a 3 disk RAID 5 setup. The LR catalogue is on a separate drive that won't be affected by the move of the actual image files.
Q: Will LR work with a RAIDed drive setup?
Q: If the answer to the first question is yes, then what's the simplest way to re-establish the catalogue after the switch? If I open LR it will show all the images as not being found. I'm guessing the simplest way might be just to right-click each folder and point it to the new location.
(1) I have been using Lightroom for several years with the program and its catalog on a single drive, and the images and backup catalog on a RAID 5 system. I have had no problems with Lightroom that I can attribute to this arrangement, and the RAID drive paid for itself when it saved me from the work of restoring from one of my external backup drives.
(2) I have not had occasion to do this, so I cannot speak from first-hand knowledge. However, from my experience in moving the location of files on my system, my approach would be to move the files with Lightroom itself. It is a simple procedure and will automatically take care of making the appropriate changes to the Lightroom catalog.