Some questions regarding Windows 7 software RAID feature

I have a computer with two HDDs and want to mirror the system disk to the other one.

I started with the first step, which is to convert both HDDs to Dynamic drives, but a warrning message stopped me. It said that I will not be able to boot from another drive except the current system drive.

What happens if one of the two mirrored drives goes bad? Will the system be able to still boot with a single drive?

Also what if the computer goes bad? Can I move the drives to another identical computer (same mobo-CPU) and use them?