Thanks, Dave
1) No, it was 4 processors on the old machine, 4 on the new VM after the move.
2) In the performance monitor the trend is very close, for guest OS the spikes follow the host OS CPU usage spikes tightly, on all virtual cores.
3) Again, on the graph, the guest and host both show the spikes. Chicken or Egg? It's a sql server that's also accepting a lot of write and read filesystem requests. No other VM's on the machine, this is the only one, no other processes involved. also, I note that when I ping the host adapter, I get a steady and quick reply to each ping, but when I ping the guest IP, the reply times are erratic, and follow the pausing of the mouse and keyboard input, so I suspect it's solely the guest that has the issue.