The problem with the dbutil is that it keeps STM offline for an extended period of time, especially with a large DB (eg:60GB+).
It would be good if the DB optimize could be done while STM is up and on-line. One of the causes here is the use of MyISAM databases. Moving to use InnoDB would help solve some of this as well as address other locking issues.
Personally (and this is unsupported by SolarWinds), I have experimented with running DB optimizes per table while the DB and STM are up (via a scheduled script). For me so far, this has worked well (but it might not work for you). The only issue is the time that some of the larger tables remain locked, however, this only affects a limited subset of activity, and is less intrusive than having all of STM down for the time it takes to optimize all tables.