On one project my team was convinced that Redis was our bottleneck. Profiling was showing that Redis calls were where the most time was spent. I spent some time looking at the redis-rb source and it does a lot of block nesting (4 or 5 levels for every call, IIRC). So, I tried replacing the redis-rb client with something a bit lower level and our throughput doubled. It turned out that all that block processing cost as much as the network call did.
I suppose this isn't all that new: many performance issues are really a "death by 1,000 cuts" situation. Oftentimes your profiler can lead you astray.