Thanks guys.

If my posts table is over 500 megs and has never been optimized (with the forums running for a few years now), would it be a good idea to do this? Is there any risk to this (database corruption, the optimization process hanging up/timing out half-way through, etc.)?

How long can it take? It took less than a minute to dump the entire database, but around how long would it take to optimize a 500 meg posts table (we're talking about a dedicated machine, Dual Xeon, two gigs ram)? Are we talking minutes here or hours?