I was using the LevelDB backend with Riak 1.1.2, as my keys are too big to fit in RAM.
I ran tests on a 5 node dedicated server cluster (fast CPU, 8GB ram, 15k RPM spinning drives), and after 10 hours Riak was only able to write 250 new objects per second.
Here's a graph showing the drop from 400/s to 300/s: http://twitpic.com/9jtjmu/full
The tests were done using Basho's own benchmarking tool, with the partitioned sequential integer key generator, and 250 byte values. I tried adjusting the ring_size (1024 and 128), and tried adjusting the LevelDB cache_size etc and it didn't help.
Be aware of the poor write throughput if you are going to use it.