Currently, my ultimate low cost highly available and reliable NAS would be:
1) Hardware:
Server:
HP Proliant Microserver
RAM:
2x4GB ECC RAM (you can use
regular RAM here but if you can afford it, go ECC route)
OS Drive:
8GB Kingston Flash-Drive (don't try use a HD as the OS drive, just don't)
Dock for 5th hard-drive:
Icy-Dock single disk bay
SATA-Cable:
Example
Gbe NIC:
Intel Pro/1000 CT, PCI-Express x1 Gigabit Ethernet adapter
This will give you all the hardware for a seriously bad-ass little 5 drive NAS that is incredibly stable (I can elaborate on this). The extra NIC is for better speed. The standard NIC adapter on the HP server (Broadcom) is notorious for their bad drivers and non-open source policy. So disable it and use the Intel adapter for much higher speed.
2) Installation & BIOS:
Install the RAM, NIC, Icy-Dock, SATA cable and USB drive (there is an internal port in the Microserver where you should put the flash drive close to the SATA port)
Get the latest BIOS for the Microserver from HP and update.
3) Software:
Download the latest release of
FreeNAS 8 x64
Install it to the flash-drive (either in Virtual-Box from another PC with the flash-drive or VIA a USB CD-ROM).
FreeNAS Guide:
http://doc.freenas.org/index.php/Main_Page
Google for more how-tos if you must but it is simple as falling out of a tree.
4) Notes:
FreeNAS is completely n00b friendly and it will protect your data better than any hardware or any other solution. Why? Because ZFS was designed by Sun Microsystems (now owned by Oracle) who went out to create the most enterprise bad-ass file system to end all filesystems. It is stable and it is guaranteed the best out there when it comes to data integrity (do your research if you doubt it).
Not to mention FreeNAS uses FreeBSD which is regarded as one of the most stable OSs out there (Most firewalls run FreeBSD and according to wikipedia hosting companies prefer FreeBSD over Linux for stability, that is serious).
Any NAS you buy will run an OS under the hood, why not get one that is widely tested, not just as a NAS but as a general OS and has a proven track record.
Even if you loese the OS flash-drive and the entire computer, so long as you have enough drives for recovery you can get all your data back and even with most of your drives damaged you'll still be able to get data back (ZFS will recover as much as it can and skip over that which it cannot rescue), RAID 5/6/1 cannot even do that. You can do that on any PC (no hardware tie in) that can run FreeNAS and you don't need the original setup (you just tell it to detect volumes and import them for you).
Lastly, performance, it exceeds any RAID controller at the same cost point. I dare you to try prove me wrong (I've been doing this for years now and boy have I tested the sh#t out of it)
I rest my case
EDIT: if you want someone to setup something like that for you, PM me and I can do it for you for a modest fee.