I setup our primary splunk partition as XFS simply because it allows for file defragging where as ext3 does not. Any kind of file fragmentation will impact performance because of extra seeks.
With ext4 offering defrag support as well, perhaps that would be an option worth considering; although it's still a bit new, and apparently the defrag support isn't considered stable yet.
Of course, splunk's file usage patterns seem to keep fragmentation fairly low. All the rawdata files can get fragmented, but then get gziped (and thus re-written to disk) which helps keep fragmentation low. Also the *.tsidx files can get fragmented as new content is added to a bucket, but then these files get merged over time, which again triggers the creation of a new file which is much less likely to be fragmented.
You can look at some fragmentation of various files on your ext3 files system using the filefrag tool. You have to run this as root, and it only reports one file at a time, so I often run a command like:
find /opt/splunk/var/lib/splunk -type f | xargs filefrag
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