It's the sheer number of mods we have on our forum home - you'll notice showthread and especially other pages where we don't have a lot of mods integrated renders a lot faster.
I expect this to be at least partially resolved when we move to vB5 as our primary development platform at an as-yet undecided time in the future - vB5 has a very robust cache system that we will leverage to a large extent.
We've tried to throw more hardware at the problem, but it sadly doesn't go away that easily. It may be a limitation in Apache 2.2's speed in rendering PHP, and us being unable to take advantage of PHP 5.4's performance increases due to vB4 (and indeed our mods) not being coded up to strict standards. Apache 2.4 is not available to us yet.
Not in the slightest. Mostly because of browser cache, but also because that's related to the actual rendering of the HTML rather than the back-end PHP/MySQL processing.
We switched from mod_php (DSO) with no MPM Worker to PHP-FPM with MPM Worker (really easy to do even though it's not 100% supported in EasyApache in WHM yet) and that reduced the PHP generation time of forum.php by 2 seconds