I'm looking to have the OS (Fedora) on one stand alone drive (SSD) and home directories on a RAID 1 (across two disks for redundancy). Is there a name for this setup? It seems to me that this is an ideal setup, is there a drawback to it?
Yes, this is exactly what I do (as well as some symbolic links from/to places like /usr/local/games to keep all that stuff on the RAID as well) on my home desktop and work desktop. And on a few servers I run I use RAID5 either as /home or as /storage The only drawback to keeping a constant /home partition is if you do it on a multiboot system with drastically different versions of the same software - the various personal settings files/configs/directories in your ~/ may not like changing versions back and forth.