IOgrind has been released a while ago. Its advantage over live system profiling is that the results are deterministic whereas live system performance measurements can (according to Meeks) differ as much as 10% (on Linux) from run to run. On a properly designed system, you don't (anymore) find that large bottlenecks, they are smaller. If the bottlenecks are larger, I would assume one could catch them even with strace (just strace all applicable processes at the same time).
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