What about memory usage with MySql? I've found that to be a significant bottleneck with wordpress sites. A basic wordpress installation doesn't use the database much, but if you add just a few plugins, things start to jump pretty quickly.
Varnish takes the load off by caching the results from Wordpress. The Total Cache plugin handles purging cache entries when you update posts/pages.
If you want to see how many queries Wordpress runs even for a simple post install this plugin I wrote at my last job. It shows a log of queries in the page footer if you are logged in as admin.