A few weeks ago, while at the incredible SQL Saturday Madison, I had a great discussion with a few of the other speakers about SQL Server VM-level memory counters and their (lack of) validity on the actual memory usage properties of the SQL Server engine. A while back, I blogged about this but I want to revisit it here.
VM-level memory counters simply cannot be trusted for SQL Server workloads at this time. Period. VM memory counters are not application aware, and as a result, are not aware of the way that in-guest applications use memory.