RAID 10 is the recommended configuration for Navision whether using the native database or SQL. The more drives you use in the array, the better performance will be and depending on the size and structure of your database, performance can improve dramatically. Compare drives and drive systems based on IOPs and interface capacity. SAS (Serially Attached SCSI) or U320 SCSI are good choices.
When calculating your budget, remember that Navision is a two-tier client/server app so most of the calculations are performed on the client workstation, not the server. That may change slightly in the upcoming 5.1 version due out in the fall, but generally speaking you are better off putting money into drives than the CPU.
The same applies to Memory. Navision is not a memory intensive application and unless you have a very large install (more than 100 users) you will see little benefit by exceeding 2gb of memory. Additional memory can be used by the OS for caching, but caching will not help with rights and isn't terribly efficient when it comes to random access database applications.