Searching more on this, the consensus seems to be that RAID 1/10 on iSCSI is quite okay and may provide read performance increase but RAID 5's iops penalty will probably be a killer.
if you can use 2 dedicated ethernet adapters to 2 iSCSI servers for this mirror, its probably a win.
That is my intention, 2 or 3 NICs on the host, to 2 or 3 physical switches for each dedicated VLAN, then to the iSCSI servers with 2/3 NICs. Would doing so eliminate the impact of using RAID 5 across the network though? Considering the trade-offs since it is increasingly expensive to add more storage with RAID 1.