try: nice --adjust=10 cp in-file out-filenice is about CPU usage.
On Con Kolivas' mailing list there was talk with Jens (the cfq maintainer) about cfq-ts (CFQ with time slices). He had write priority support, but later took it out - however read support is still in and very useful. Con later included the work in a ckdev (ck development). I haven't used it, but there are some benchmarks that suggest a nice'd copy command has restricted CPU *and* IO until the normal CPU and IO jobs are done.
Latest 2.6.11-rc1-ck2 with cfq-ts-20 (and fixes)
http://thread.gmane.org/gmane.linux.kernel.ck/2184
latest cfq-ts-21 (not fully tested)
http://thread.gmane.org/gmane.linux.kernel.ck/2219
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