Same, after one broke and my last backup was 2 weeks ago, I got RAID and moved all films, etc on to dvds (DVD-RAMs and then DVDs).
See, I did that, but you are forever going "where the **** have i got space for this?". and then when you're HDD dies, you're screwed. DVDs don't last forever, but 4.7 gb are normally replaceable, and much more easily than 250 GB.
Anyway, Finish i hope you know how to use/manage the behemoth. my dad builds these things for a living (but even bigger, or so I've been told), and I've read some books lying around, and it all seems terribly complicated, and I do consider myself computer tech savvy. You got someone who will help you if the thing fails?
And remember, if you host a game server, you'll need more RAM/CPU-Power than for a file server.