I think 2 GB is a little light for a server with that many cores, but it really depends on what you expect the VMs to be used for. If you have 4 VMs on the systems, that's only a guaranteed 512 MB per VM less kernel and VM overhead. If you just want to run light duty web servers, that's probably OK, but for high level transaction processing or application servers it will probably not be enough. So it really depends on what you want to do. You could use swap, but it will absolutely kill performance. I think of swap as emergency overflow area -- not something that is expected to be used frequently.
ZI did not think that RAM was particularly expensive these days (although it's not as cheap as it was a few months back, I guess). Depending on your needs, you might want to think about cutting back on the processors to be able to afford more RAM, but, again, this will depend on the application load.
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