4. Can someone summarize the pros/cons of both the RAID and volume copy methods?
It's not that useful to compare the pros and cons of these since what they offer are vastly different. RAID1 gives you continued availability of the data in the event of a single drive failure. Periodically backing your data up, well, gives you data backup.
Consider the following scenarios:
1. Your primary hard drive fails.
If you have:
No RAID1 and no backup: you're screwed.
RAID1 only: continue accessing your data without interruption. Data is vulnerable.
Backup copy only: cannot access data until it's restored from the backup copy. Data is vulnerable.
RAID1 + Backup: continue accessing your data without interruption. Data is not vulnerable.
2. You accidentally deleted all your HD movie collection.
If you have:
NO RAID1 and no backup: you're screwed.
RAID1 only: you're screwed.
Backup copy only: cannot access data until it's restored from the backup copy. Data is vulnerable.
RAID1 + Backup: continue accessing your data without interruption. Data is not vulnerable.
I assume data is vulnerable whenever there's only one copy, not vulnerable if two copies.