Thanks for you thoughts.
From what I can determing here is what Oracle calls this featue--Multiplexing: "Oracle provides the capability to multiplex an instance's online redo log files to safeguard against damage to its online redo log files. When multiplexing online redo log files, LGWR concurrently writes the same redo log information to multiple identical online redo log files, thereby eliminating a single point of redo log failure. "
Basically, the Transaction Writer in SQL writes the transaction into two different LDF files which reside on two different drives.
This prevents a single point of failure on the transaction logs because it is written to two log files on different drive arrays. As such, in this scenario, you could continue writing transaction to the second set of log files and remain online and operational.
Mirroring does not solve the problem. If you have a failure of the drive/drive array, how can it write to the drive let alone mirror the data?