Actually its not good at all, it was not just one HDD that died we actually lost two of them. That complicates things... A LOT.
Hope for the best, but expect the worst.
2 HDD's died!!!!! good grief do you realize the odds of that happening! - thats why everyone and their dog uses RAID nowdays - 1 will blow infrequently but 2!!! it's the same odds as winning the lottery.... but ya don't :P