Hi,
You should also try out "atop" instead of just using top. The major advantage is that it gives you more information about the disk and network utilization.
Thanks for the tip, I tried it and if the red lines are any indication, it seems that atop thinks my disks (md raid 1) are the problem being busy over 60~70% of the time. However that is sort of expected since most of the expected activity on the server is smtp/pop3.
Unfortunately, I did not know about atop previously and don't have a baseline to compare against :(