Here is the link to the KB article.
http://support.microsoft.com/kb/929240
Basically it allows you to specify a startup parameter that limits the amount of I/O per second - i.e. set MB per second for checkpoint process.
My concern is if it is set low enough to avoid an IO bottleneck, will it cause some sort of page lock if a page is being written to disk and a user needs data from that page. I guess given user requests 'hang' during this period right now, it probably wouldn't be a problem.
I have been running performance monitor for a while now to get an idea on what it should be set to. The real answer to this problem is faster disk setup, however this is not likely to happen, as its only the checkpointing that causes high levels of disk queue length.
I believe there are other settings where you can specify the length of time it takes for the checkpoint to complete, but from what I have read on BOL they are more like 'guidelines' rather than hard settings.