Try running vmstat 1 and see if there are numbers greater than 0 in the "b" column (2nd column) on a regular basis. If so, you're probably I/O-bound. Seeing it occasionally isn't a big deal, seeing it all the time with numbers in the 2-3 range is tolerable but not desireable, and seeing more than 5+ means you're probably way too busy (although that depends on how much I/O your system can accomodate, so it can be more or less, depending). The "b" means "processes blocked", as in, "the number of processes scheduled to run, but were blocked, pending the completion of an I/O".
