Gets old hearing the "it depends" answer. I have both physical and virtual PS 4.5 servers (x64 & x86), running a variety of applications, and the users can tell a difference. I would say it is most noticeable during logon. Launching one of my applications (RetaiLease in this case) takes about 2 or 3 seconds longer on a VM and the screens take longer to refresh. My VMs are equivalent to my physical servers in RAM and CPU and the hosts are not oversubscribed. I would guess that we get about 80 - 85% of physical performance, but I have no true way to measure. Once logged in, most users don't notice a difference.