We went through a similar thing as part on an ERP implementation.
I can't say enough about the Oracle DBA Handbook, 7.3 edition, by Kevin
Loney. The chapter on physical database layout will answer these
questions
very well.
Briefly, it comes down to balancing the reads and writes from the various
files (data, index, rollback, temp, system, etc.). In a RAID
5 you will
have multiple reads/writes to every disk for every request. While
providing
good redundancy performance may suffer with RAID 5. You need
to determine
which files are busiest, and separate them.