I had initially picked up a 2TB Raid-1 (redundant) drive for the music library, but I moved it out for two reasons: First, the fan was too noisy for a music system, and as Kijanki mentions above, the redundancy won't help if you have a fire, theft, or other calamity. Raid-1 only helps if your 'primary' drive in the cabinet goes down; that's when the mirror will kick in.
So, I bought two identical 2TB drives that I knew were very quiet. I'm ripping my collection to the 'primary' drive, and I occasionally use Carbon Copy Cloner to clone that 'primary' drive to the 'secondary'. I do this whenever I've ripped enough CDs that I wouldn't want to lose the time and effort.
The second drive, once cloned, goes down the street to a friend's house. Then, of course, there's the hardcopy backup in the physical CDs. I just don't know where I'm gonna put the darned things... square footage is hard to come by around here.