Just installed APC on our server (Alternative PHP Cache - http://uk2.php.net/manual/en/book.apc.php) and already seeing some great improvements in page load times/CPU usage per request. Particularly good for us as we're using Propel with lots of DB tables so already have 570+ .php files in the cache.
Any recommendations/gotchas, or should everything be fine out-the-box?
And while we're on the subject, what other recommendations have people got for speeding up/optimising PHP/LAMP?
If your looking to optimize your site, as messenlinx suggested yslow is a good place to start. Next, I would suggest looking at your queries, ie a select statement across a big table vs. a more refined query across a smaller data set will do wonders regardless of the language.
If your data is updated infrequently, you can look at caching your queries in the data level. If not, maybe look at memcached?