IDE RAID: No. The Albatron only has one ATA100/133 port for the RAID controller. You would have to put a S-ATA adapter on at least one of the RAID drives, and you'd probably be better off putting both on the S-ATA controller.
One very good 845PE board that does have what you need for ATA100 RAID is the Gigabyte GA-8PE800 Ultra. (The GA-8PE667 Ultra is the same board with an earlier BIOS.) It is also about $50 less than the IT-7 MAX2 v2, and has even more onboard options and features if you can believe that.
But if you're going to spend more than $100 on a motherboard today I have a hard time recommending anything with an 845PE chipset. Even if you're running a Northwood A CPU you should strongly consider an 865PE or 875P board. They have better features and performance, and most 865PE's are priced within a few dollars of comparable 845PE boards. The Abit IC-7G is even priced lower than the IT-7 MAX2 v2.
BHD