One of our clients who uses Veeam on their 1Gbit network between 2 Dell 720 servers is seeing "target" as the bottleneck during replication. Both systems are Dell R720 with plenty of CPU, RAM, Perc with 1GB cache and 12x2TB drives in RAID5. (i don't want to get into a discussion on dangers of RAID5, we are aware but client made certain decisions). It runs vSphere 5.1 with Windows 2012 guest VM and a local Veeam 6.5 server/proxy VM. Storage is all local and dedicated to just this one server VM and Veeam proxy. Target system is purely replication target and no other systems write to it. Veeam has exclusive access and runs 1 job at a time. This particular VM/job processes 4TB volume.
We get aggregate processing rate of about 20-80MB/s with individual VMDKs (2TB each) being replicated at 37-50MB/s with CBT (not first run, but recurring daily runs) - see image below.

This seems like a pretty low transfer/processing rate. We've contacted Dell and their storage/server rep is telling us that this configuration is definitely can't be the bottleneck. If we do simple sequential write, we can saturate 1Gb link and bottleneck becomes the network.
How is the bottleneck checked/calculated? Is this realistic speed for 12 spindles on a hardware RAID controller? (i would expect more).