JC, we are on a dedicated box, RH7.3, 1GB RAM (my.cnf tweaked to maximize it), around 60% disk util of 60GB, cpu utilization is always very low. We have one other program bouncing against MySQL to serve ads. We average well over 100 users online, peaked at 260, have 52 forums and a half million posts. Default view is one week. Unregistered/not-logged-in users cannot even search, I took that out.
I keep doing that show processlist and just see table after table locked, which I believe is the root cause of the slowdowns.
If 6.5 comes out soon we will try it. If it doesn't resolve the issues, bye. BTW we ran 6.3.2 for 9 months and never had problems like this, the forums always smoked. The problem started when we went to 6.4.1.