I had this happen eleven years ago, when an integrated hardware RAID controller in a Dell server decided to literally blow up. Oddly enough, despite all the black burn marks on the mainboard, rest of the server seemed to work just okay.
Another identical (hardware-wise) cold spare was already in the rack right below the unlucky one, but it wouldn't accept the transplant license dongle because of service tag mismatch. First I had to install Windows 95 just to run the service tag changer tool and flash the firmware on the spare controller to match the original before it recognized the old disks as an existing array.
In around one week we were back up and running (this was a non-workplace environment so there were no concerned execs bugging us for status updates every fifteen minutes). Had we been using mdraid, we could just have inserted the disks in just about any commodity PC hardware. In hindsight, just restoring the week-old backups would have been easier.
Lesson learned: even if you are using hardware RAID and have an ostensibly identical hardware spare available, it won't necessarily save you.