Let me try to clarify this:
Each VM core is a vCPU. Each physical thread is a Logical CPU. If you have a dual 6-core with HT enabled, you have 24 logical CPUs.
Each vCPU you have maps to a logical CPU. SOif you have a VM with 2 sockets and 6 cores each, you have 12 vCPUs, each one mapping to one of your 24 logical CPUs. VMware SUPPORTS 32 vCPUs on each logical CPU, although this *may* be too much for a production environment. You will need to check if you are having CPU contention, and the document on vSphere performance will help you understanding this. Basically, you will have to check if you are having high RDY and CSTP times on esxtop inside your command prompt (above 5%).
Multiple CPU are always not good for VMs, unless really needed. You should not use more than 1 vCPU per VM, only if you see a real need for that.
Hope this helps understanding a little bit more.
Marcelo