That is an interesting looking controller for that price. Although without cache it sounds like there may be a bottle neck.
I think I will continue to look for a used perc 5i or 6i card for my performance RAID. However I have also continued my research on cheaper solutions for a less performance intensive solution to keep archived data.
I came across this and thought it was very interesting performance comparison between the popular onboard intel RAID vs. Windows 7 sw Raid. The part I didn't expect to see was the Windows 7 sw raid used less CPU.