If IO becomes a problem, your IO rate will go down and requests will block, same as on any other system. Time spent blocking on IO will show up in your CPU stats as "IO Wait"... this'll be the "wa" value in vmstat or top, the "iowait" line in munin, etc.
There's fair queuing in place such that other "normal" users shouldn't be too impacted by high IO neighbors, so I wouldn't worry about it too much.
Serial writes might actually be a best-case scenario; the underlying hardware can fake a write better than it can fake a read

_________________
Code:
/* TODO: need to add signature to posts */