First if you go from a raid 1 to a three drive raid 5, your capacity will INCREASE two fold over a simple raid 1 mirror.
raid 1 results in 50% of the capacity of the two drives
eg 2 100Gig gives you 100Gig capacity
Raid 5 results in n-1 of the capacity of the 3 drives.
eg 3 100Gig drives give you 200 Gig capacity.
Migration from a raid 1 to a 3 drive raid 5 is handled by most raid adapters easily, but does take some time, as the parity needs to be created. Making a 4 drive raid 5 from a 3 drive raid 5 is more involved.
Raid 5 is misaligned, on the newest Lsilogic based adapters with a 4 disk raid 5, reads are a good bit higher then raid 1, I/O are slightly lower overall than raid 1 (with write cache enabled for both raid 1 and 5)...and this is with benchmark programs which stress the disks/cache. Without over utilizing the disk sub system, the write penalty is further negated. Since most server are approx 80% reads, raid 5 comes out well ahead overall.
Yes, raid 1 will beat a 3 drive raid 5 in ALL areas. Personally I would not use 3 drive raid 5s.. you need 4 drives (or more)for performance.
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Chernobyl disaster..a must see pictorial