A mirror takes 50% of the total disk space and makes it available for use. So if you have two 73 GB drives, then only one drive worth of space is available to you (the other drive is keeping a constant identical copy). So if you have 4 drives, both are mirrored, that's a total of 146 GB of usable space - each 73 GB drive is mirrored, so if you have 4x73=292, then you only get to use 2x73=146.
With a RAID 5, you have n-1 disks available for use, where n is the number of drives you have total. Meaning if you have 4x73 GB drives in a RAID 5, then 3x73=219 GB of usable space. If you have 10 drives, then you have 9x73=657 GB available.
The RAID 5 volume will operate slower while it is in a degraded state (degraded meaning one of the drives that is officially part of the RAID 5 has failed). A controller with a hot spare will take that hot spare and repair the RAID 5 volume, restoring it to full speed upon completion of the resync required to get the missing data on the spare disk. At which point you no longer have a hot spare (it's been used). So you replace the failed disk and that disk becomes your new hot spare (this CAN work a little differently; on high-end SANs and possibly some HIGH END RAID controllers, when you replace the failed disk it will rebuild the RAID onto that replaced disk, restoring the old hot spare back to hot spare status. More than likely your RAID controller won't do this).
Also, note, I said one disk worth of space - not one disk - stores parity information. You might want to review these links on RAID to get a better understanding of it:
What kind of processors are in your existing server? What kind of processors are in your new server? Moores law states that processors double in power ever 18-24 months. If we average that and say once ever 21 months over 7 years, then your new server, based on processor only, will be 16x faster (give or take). And that's not factoring in memory enhancements, bus enhancements, dual cores, hyperthreading, or other technologies that will improve system performance. My point is, if your business has been getting along with what you currently have for 7 years then this server config (15K RPM, SCSI) will likely be overkill. Again, it will ABSOLUTELY work for you... but I would expect that disk config to run you $2000-$2500 on the price of the server.
Instead, I would probably go SATA drives, even Western Digital RE drives which are designed to be used in RAID volumes.
I wouldn't worry about the motherboard going - they are usually quite solid. Things can always fail, but that's why on a server, you get a 3 year warranty and same day 4 hour response.
And when it comes to disk space, don't forget, you don't NEED to put it ALL inside the server. I have several clients with eSATA controllers or SCSI controllers that use "Direct Attach Storage" (DAS). These enclosures can be fairly cheap and otherwise EASY to move to new servers later. So it can be fairly cheap and economical to add more space when you need it. (When I add these things, I usually need to get a controller, a cable, an enclosure and the disk drives. This is almost always cheaper than getting a small NAS device - which I DON'T recommend).