I know that running a virtual OS on the same drive as the host OS. impacts performance negatively. but what if its in Raid 0, vs running it on a separate single disk?
What are the disks in question? I think there are a lot of variables, such as how much disk I/O is happening in both the host and guest OS to be able to give a straight answer to this question - but it is a good question.
If there is heavy disk I/O in the host and guest, I would say that 2 separate disks would win.
If only one at a time is heavy I/O RAID 0 should win (same goes for if neither are heavy)
have not purchased the disks' yet but I am sure I'm getting two 750GB barracuda's I know two WD 640gb Caviars would be a little faster but I think the little extra space of the Cuda's are a good compromise.
If you are going to be using both OSes heavily, simultaneously, you would want to use separate drives for each. But if you will have times where you are only using 1 OS, you would get all the benefits of the RAID 0.
Another consideration is that under RAID-0, if one drive fails you lose everything. With separate disks, you would only lose half.
Personally, I would choose RAID-1. Between your two choices, RAID-0.