It doesn't give off the impression that their setup/kit/etc is ideal. Things happen, but you shouldn't really ever be in the position of having a disk fail in a RAID 10 to cause such an outage. If it was multiple disks, then either someone wasn't monitoring or they used crappy disks (no excuse for either if hosting is your business!). And that's before you even mention the fact that their estate doesn't seem to support moving virtual machines to other hardware as other commenters have mentioned.
The only bit I have empathy with is when a disk goes, the RAID controller does its best, but a filesystem makes itself read-only until you can run an fsck/check. But still, at worst that's a reboot and a few hours. And if your business is hosting, you should be able to withstand a piece of physical hardware breaking.