To anyone who is still looking for the answer as to whether logical processors constitute as pCPU's when determining the vCPU to pCPU ratios, the definite answer is yes. 

See Scott D. Lowe's document here: https://communities.vmware.com/servlet/JiveServlet/previewBody/21181-102-1-28328/vsphere-oversubscri...

Which also confirms with this zdnet article: http://www.zdnet.com/virtual-cpus-the-overprovisioning-penalty-of-vcpu-to-pcpu-ratios-4010025185/

From an empirical stance, I would agree this is correct as well.  We are able to easily get an 8:1 ratio without any ready time or heavy "workloads."  I have been monitoring this since the original post and have not had any issues and having great density results.