Multiple log files does not reduce log waits. The files are used sequentially, not in parallel. Having 2 200MB log files is no different from 1 400MB log file.
What's the RAID level on the disk that the log is on?
Dedicated physical disk? (no portions shared with anything else?
SAN, iSCSI, direct attached disk?
Gail Shaw
Microsoft Certified Master: SQL Server, MVP, M.Sc (Comp Sci)
SQL In The Wild: Discussions on DB performance with occasional diversions into recoverability