I'll also mention that I received a response from a gentleman at NetApp who pointed out the following KB article the recommends reducing the NFS Queue depth.
http://kb.vmware.com/selfservice/microsites/search.do?language=en_US&cmd=displayKC&externalId=2016122
We noticed this KB article but have yet to try it. We are considering other options at the moment because the article says this issue is fixed in the version of ONTAP (8.1.2P4) we are running. However, if nothing else pans out, we will give it a shot.
Another note - this is also a highly shared environment in which we service FCP, CIFS and NFS clients from the same filers (and vfilers) we service the NFS datastores from. We have yet to show evidence of high utilization from the other clients on the same array contributing to the problem but it is on the radar.
Also worth noting, we are running VSC 4.2.1. It reports all of the ESX hosts to be in compliance with the recommended settings.