Portfast simply disabled STP participation for the port. It's a recommended practice by Cisco to configure ESX facing ports (including vSwitch and Nexus 1000v uplinks) with Port Fast as there's no spanning tree running below ESX.
Without Portfast your ports will go through the Blocking- Listening-Learning-Forwarding transition states which normally takes approx 50sec under default configurations.
Another recommended practice is to enable BPDUFilter on the ESX facing ports. Just an extra precaution to disable the ports (and protect your upstream switches) should the port see any Bridge PDUs (behavior of typical STP).
Hope this helps.
Regards,
Robert