This article is a work-in-progress. Please help correct and extend it. It is the Wiki way!
To improve performance on a Windows Server 2008 R2 server, you should consider the following inter-related factors:
Performance counter to check: PhysicalDisk - Disk Transfers/sec. (you want the average)
IOPS of the drive
For example, A 15K drive can handle about 200 IOPS. A 5400 rpm drive can handle about 70-80 IOPS.
System Memory