Here's a nice explanation of how ZFS does triple parity raid with reed-solomon:
http://people.freebsd.org/~gibbs/zfs_doxygenation/html/da/dc...
http://people.freebsd.org/~gibbs/zfs_doxygenation/html/d1/d7...
http://people.freebsd.org/~gibbs/zfs_doxygenation/html/da/dc...
http://people.freebsd.org/~gibbs/zfs_doxygenation/html/d1/d7...
So better than most, but still not arbitrary. And the limiting factor seems to be write performance.