Thanks for the replies. In case anyone wants to compare notes;
This is a Rails app serving a database with about 40,000 objects that's 64MB. It's using Sphinx for indexing that's also got an index that on the same order of magnitude.
So, my main processes are: Apache, mod_rails/ruby1.8, mysql, and the Sphinx searchd.
The application is an online version of the Oregon Revised Statutes: pretty much the laws of the state.
http://oregonlaws.org Currently, the database is read-only.
I have this running, plus two Wordpress instances and a smaller Rails app. I just switched up to a Linode 540, and I'm seeing these response times of 8-60ms per request in the Rails production log.
The Rails page caching may eventually slow down the database caching: When the app first deploys, every hit comes from the database. But as the app runs, more and more pages are statically served via Apache. Although this means that Rails and the database are bypassed (faster), it does theoretically means that the data set size increases over time. It may be that database accesses get slower because it can no longer completely be cached.
Currently, though, I'm heavily in development, and re-deploying (and clearing the page-cached static pages) every day. So it's not an issue yet.