I am using a OWC Thunderbay 4, with 4 3TB disks in Raid 5.
I updated to 5.5.5, shortly thereafter SoftRaid said one of my disks was likely to fail and OSX put the disk in read only mode. Could not repair with disk utility. I ordered up a new disk and swapped it out using the Remove Disk menu. That was over 3 days ago. The array has not rebuilt, despite showing "rebuilding" and the progress bar(shows no progress). The new disk doesn't show nay activity lights unless I open up Disk Utility or click Blink Light.
Here are the past few days of logs, as you can see I tried a few restarts: http://pastebin.com/5MALXUg7
Here's a screenshot of SoftRaid: http://imgur.com/a/RMT5y
Have you restarted since then? The volume looks like it should be rebuilding.
The volume must be on the desktop, which it should be.
Let us know what happens after a restart.

