I'd like to clarify some more
1. VMware Tools are up to date and recent
2. I am running ESXI 5.5
3. VMWare Tools are running
4. There's not a single VM with any memory reservations. My understanding is the default in this case is 32Mhz CPU and just the overhead required.
5. My VMs are definitely over sized in terms of memory allocated vs. memory active, however there's not a HUGE VM in there, they range from 4-8GB memory.
Like I said, my host has 256GB physical, VeeamOne reports the VMs on that host "active memory" is 20GB.
Before vMotion vSphere "Memory % was 96". I vMotioned 10VMs to this host to push it over 100% allocated, and I ran ESXTOP
The MEM overcommit avg was around 0.05 and the SWAP, ZIP and MEM CTL were all actively rising, the state went from high all the way to hard and back to HIGH after it ran through it's techniques.
Additional SWWR/s and SWW/s were very active for a number of VMs, in fact I am still seeing activity there even with the memory state being high.