An as yet unidentified company is planning to release some interesting data soon surrounding performance of the various datastore options in VI3... namely local SCSI, FC, iSCSI and NFS.
Without stealing too much of their thunder, apparently an NFS mounted VMFS volume is 4 times faster than an iSCSI one!!! I'll be interested to see the details when the data comes out... there are substantial performance differences in the few iSCSI implementations around, and various tweaks that can be made to improve performance.
Meanwhile, I'm configuring my Ubuntu iSCSI target with NFS as well, and plan to do some testing of my own... stay tuned!