RAID level 4 uses block-level striping with a dedicated parity drive. It has good read performance but poor write performance due to the bottleneck of the parity drive. RAID level 5 also uses block-level striping but distributes parity across all drives, improving write performance. RAID level 6 adds a second parity block, allowing two simultaneous disk failures without data loss. It has very high reliability but also high complexity and overhead due to the dual parity calculation.