“Some people report better performance using KVM. I haven’t benchmarked KVM agains VirtualBox, but I found they both performed adequately on my AMD Athlon. VirtualBox is certainly the slicker of the two: if you run the free-as-in-beer guest extensions, desktop integration is fantastic. I will say I prefer the KVM pure CLI management interface. VirtualBox has notions of tracking virtual machines in a registry while in KVM you specify the hardware specs on invocation. The only thing that’s preserved on VM reboots is the hard drive. So converting a VM from VirtualBox to KVM really means converting the hard drive image…”
http://cheznick.net/main/content/converting-a-virtual-machine-from-virtualbox-to-kvm