[Dravu]

Bail-
For curiousity sake, what OS is the server running on? Also, what exactly are you using mod_fcgid for that would make it more useful than doing a mod_php+eAccelerator or suphp (for security) setup? If you suspect load issues that aren't in short spikes, I'd probably do a cron job to check the load or use something like MRTG to monitor load, memory usage, process count, etc.

Earlier, Litespeed was mentioned. I've heard many good things about it, but you'd probably go for the 2-core version which would run you at:
$46.00 USD Monthly
$499.00 USD Annually
$799.00 USD Lifetime ($149/year every year after the first for updates/support)
Litespeed will be pretty much wasted money however if the webserver isn't a big issue.

You mentioned using RAID. What kind of RAID (and will it be hardware or software)? Also, using RAID isn't an alternative in any form to doing backups (I believe you realize this already, but just putting it out there). It'd be nice to have a drive on the server dedicated to backups even if you're rsyncing them to an offsite computer as well or something. Since your provider seems to be Softlayer, I don't believe they sell HDs in one-time fees. Perhaps that's something you can talk them into though since that fee can quickly build up over time and I'm sure the server's here to stay for awhile.

It's hard to really suggest much else at the moment without getting a lot more info or seeing everything first hand. Just glad everything's back up!