At least not yet, according to this paper from VMWare. An interresting (but slightly disappointing) read.
Intuitively, one would expect hardware support to improve performance across the board, but experiments on first generation hardware painted a mixed picture. Our software and hardware VMMs both perform well on compute-bound workloads. For workloads that perform I/O, create processes, or switch contexts rapidly, software outperforms hardware. In two workloads rich in system calls, the hardware VMM prevails.
We have traced this surprising result to its root cause by studying architecture-level operations for which the software and hardware VMMs impose very different amounts of overhead. While the new hardware removes the need for BT and simplifies VMM design, in our experiments it rarely improves performance. New MMU algorithms in the hardware VMM might narrow this gap, but current hardware support is CISC-like in its packaging of a whole solution and difficult to exploit without giving up existing software techniques.