This White Paper, presented at BriForum 2005 (http://briforum.com), presents updated research in the area of Perceived Performance. A new method of displaying results (the Perceived Performance Profile) is used as a tool to investigate the performance aspects of virtual machines, made capable by such products as VMWare Workstation, GSX, and ESX, as well as Microsoft Virtual PC and Server.
This was the early days of Server Virtualization, and the bottom line was that the hypervisors were not ready for Terminal Services!