Microsoft Knowledge Base Article 303184 contains the following summary:
A striped volume (RAID 0) combines areas of free space from multiple hard disks (anywhere between 2 and 32) into one logical volume. Data that is written to a striped volume is interleaved to all disks at the same time rather than sequentially. Consequently, disk performance is the fastest on a RAID 0 volume as compared to any other type of disk configuration. Administrators favor using striped volumes when input/output speed is important. Any file system can be used on a striped volume including FAT, FAT32, or NTFS.