PFS tries to defrag files as they're written. Many times, rewriting a few
files once or twice is all it takes to defragment the drive. This is what
the defragmenters on Aminet try to do. They don't actually do anything other
than run DiskValid, parse the fragmented files out of the log file and then
start copying those files off and back onto the hard drive.
Greed stated that they were working on a REAL defrag program, one that would
defrag files using a more robust method, and would allow the drive to be
accessed while the defrag program was running, but that project is probably
long since dead.
If the drive is slowing down, you may have other types of errors related to
PFS that need attention. Diskvalid and PFSDoctor are fairly adept at getting
the drive squared away.