I use newrelic and I can see the time taken of the database vs python. slow page events are almost always caused by database bottlenecks.
edit: actually the fact that a django response needs to block for the database means that overall concurrency is a serious bottleneck. again, due to database. but it doesn't need to be a bottleneck if the requests didn't have to block.
a more modern architecture like scala play! or node.js can serve other trivial requests while the database is still working. with django I have had to have two servers (8 CPU, 12 processes) so that nobody is blocked (eg. for just a trivial serve from cache) just because a few too many requests are needing more database objects for the page they are serving. so this is a django architecture issue.