You shouldn't use local files (esp. not qcow2) for performance testing. What does it look like if you use an LV for disk?
Rich. -- Richard Jones, Virtualization Group, Red Hat http://people.redhat.com/~rjones virt-p2v converts physical machines to virtual machines. Boot with a live CD or over the network (PXE) and turn machines into Xen guests. http://et.redhat.com/~rjones/virt-p2v