(above drawing by pcdoc, from homeservershow.com/esxi-venture-part-1-2.html)
Really nice write-up was just released today by pcdoc, aka Mike Faucher. Great diagrams and pictures too. He calls it "ESXi Venture – Part 1" where he details his own testing.
I think you'll find it to be an interesting read. Alternative perspectives are always a good thing, can't wait for Part 2!