If it is a controller failure have you tried replacing the motherboard?
My understanding of LMV (which is not extensive) is that a logical volume defined under a volume group is treated as a single file system. If that logical volume is made up of several physical drives and one of those drives fails I don't think there is anyway to recover the data on the remaining drives short of using tools that read sector by sector and attempt to piece the files back together.
LVM is good for creating file systems that are larger than any one physical drive and to allow a file system to be grown or shrunk as needed.
LVM is NOT a form of RAID or way to protect your data. You can use LVM in combination with RAID. But I am not sure how that would complicate things if you did have a drive failure and went through the process of replacing the drive and rebuilding the RAID volume.
The extent of my experience with LVM aside from default FC installs is building one LVM volume that spanned 4 drives to create a 1TB file system using XFS. This was done in combination with LVM.
$ df -vh
Filesystem Size Used Avail Use% Mounted on
/dev/mapper/VolGroup00-LogVol00 97G 5.7G 86G 7% /
/dev/sda1 99M 29M 65M 31% /boot
none 1014M 0 1014M 0% /dev/shm
/dev/mapper/VolGroup00-LogVol02 1018G 781G 238G 77% /video
I did not use raid as I wanted the largest file system possible for use in a mythtv box.
If I lose that file system or one of those drives then I lose the data. It will be a matter of rebuilding the system from scratch and I won't be trying to recover any of the data.
If I considred the data critical I would set things up using raid and have a backup scheme in place and tested so all data could be restored if needed.