From VirtualBox
3.6. Details About Hardware Virtualization:
With Intel VT-x, there are two distinct modes of CPU operation: VMX
root mode and non-root mode.
In root mode, the CPU operates much like older generations of processors without VT-x support. There are four privilege levels,
called rings, and the same instruction set is supported, with the
addition of several virtualization specific instruction. Root mode is
what a host operating system without virtualization uses, and it is
also used by a hypervisor when virtualization is active.
In non-root mode, CPU operation is significantly different. There are still four privilege rings and the same instruction set, but a new
structure called VMCS (Virtual Machine Control Structure) now controls
the CPU operation and determines how certain instructions behave.
Non-root mode is where guest systems run.
Switching from root mode to non-root mode is called "VM entry", the
switch back is "VM exit". The VMCS includes a guest and host state
area which is saved/restored at VM entry and exit. Most importantly,
the VMCS controls which guest operations will cause VM exits.
This means that control is switched between guest and host. Most likely
this is because of the guest accessing host resources such as the disk.
VM products usually implement virtual cores as threads or processes
on the host, so switching between virtual cores involves switching
execution between host threads/processes. This will also require
host API, so more control switches.
Control switches are a relatively slow operation, but they are also
very dependent upon the hardware and the software in action.
Their performance cannot be compared except to an identical or similar
environment.