I definitely agree the biggest bang for the buck comes from increasing your innodb_db_bufferpool size but unfortunately it completely depends on how large is your data set and how often different disk blocks are accessed. I maintain several database that are fairly large 200 GB+ so fitting everything into the RAM is not really an option and for that reason we recently switched to SSD based storage. I've done quite a big research in terms of the IOPS for MySQL use on different RAID arrays I have access to. Here are the results:
1,253 IOPS - 4 x SCSI 15k (3.5") disk
test: (g=0): rw=randrw, bs=4K-4K/4K-4K/4K-4K, ioengine=libaio, iodepth=64
read : io=3071.7MB, bw=5012.8KB/s, iops=1253, runt=627475msec
write: io=1024.4MB, bw=1671.7KB/s, iops=417, runt=627475msec
cpu : usr=0.63%, sys=3.11%, ctx=985926, majf=0, minf=22
2,558 IOPS - 8 x 10K RPM 900GB SAS (2.5") disk
test: (g=0): rw=randrw, bs=4K-4K/4K-4K/4K-4K, ioengine=libaio, iodepth=64
read : io=3071.7MB, bw=10236KB/s, iops=2558, runt=307293msec
write: io=1024.4MB, bw=3413.5KB/s, iops=853, runt=307293msec
cpu : usr=2.73%, sys=8.72%, ctx=904875, majf=0, minf=25
23,456 IOPS - Rackspace Performance 2 SSD server
test: (g=0): rw=randrw, bs=4K-4K/4K-4K/4K-4K, ioengine=libaio, iodepth=64
read : io=3071.7MB, bw=93708KB/s, iops=23426, runt= 33566msec
write: io=1024.4MB, bw=31249KB/s, iops=7812, runt= 33566msec
cpu : usr=5.73%, sys=35.83%, ctx=181568, majf=0, minf=23
35,484 IOPS - 2 x Mirrored EDGE Boost 480GB 2.5" MLC (http://www.edgememory.com)
test: (g=0): rw=randrw, bs=4K-4K/4K-4K/4K-4K, ioengine=libaio, iodepth=64
read : io=3068.4MB, bw=141934KB/s, iops=35483 , runt= 22137msec
write: io=1027.7MB, bw=47537KB/s, iops=11884 , runt= 22137msec
cpu : usr=11.68%, sys=69.89%, ctx=24379, majf=0, minf=20
So its clear that high quality SSD of today are amazing performers. Two Mirrored SSD can easily outperform 16 disk SAN storage enclosure and that is a compelling statement alone.
If you are interested in full details the rest of write up is found on my blog:
http://www.juhavehnia.com/2015/05/using-ssds-to-improve-mysql-performance.html