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Can VMs be as reliable as physical machine for performance testing?

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linux-howto

http://serverfault.com – Our team is preparing for performance testing. (we are using ESXi 4.1) They asked me to make a VM with 4 cpu and 12 GB RAM. (Our server is R710 which has 48 GB RAM) That server is already having many VMs in it. If i make a VM with 4 CPU and 12 GB RAM , will it provide the results they intended? Some where i read that Number of cpu is scarce resource ( and it is not like hard disk space and memory. It can effectively distribute hard disk and memory among VMs but not cpu) Whether VMs are as reliable as physical machine for performance testing? (HowTos)