Xen vs. KVM: network, CPU, and disk performance compared
vmstudy.blogspot.com
vmstudy.blogspot.com
For what it's worth, his results and conclusions correlate well with similar testing done here.
Some notes I have on top of the article:
Network performance monitoring:
--iperf has a tendency to use a ton of cpu. This can impact network performance metrics. Lately I like using the 0mq performance tests, slightly modified to last longer than the default 10s.
--In my setups KVM adds approx .5ms latency to network transit, when using para-virtualization through a tap device and bridge, having the host os do the routing.
--The virtualized e1000 works better in most cases than any other NIC KVM will virtualize.
CPU performance:
--The best results for KVM come when setting cpu affinity, if you have a workload that coincides nicely to 1 vm/core, there is a performance boost.