This is a very good and relevant question. As we all know, a hyper-threaded core is not a real CPU/core. Instead, it is a virtual CPU/core (from now on I'll say core). The Windows CPU scheduler as of Windows XP is supposed to be able to distinguish hyperthreaded (virtual) cores from real cores. You might imagine then that in this perfect world it handles them 'just right' and it is not an issue. You would be wrong.
Microsoft's own recommendation for optimizing a Windows 2008 BizTalk server recommends disabling HyperThreading. This suggests, to me, that the handling of hyper-threaded cores isn't perfect and sometimes threads get a time slice on a hyper-threaded core and suffer the penalty (a fraction of the performance of a real core, 10% I'd guess, and Microsoft guesses 20-30%).
Microsoft article reference where they suggest disabling HyperThreading to improve server efficiency: http://msdn.microsoft.com/en-us/library/cc615012(BTS.10).aspx
It is the SECOND recommendation after BIOS update, that is how important they consider it. They say:
FROM MICROSOFT:
"Disable hyper-threading on BizTalk
Server and SQL Server computers
It is critical hyper-threading be
turned off for BizTalk Server
computers. This is a BIOS setting,
typically found in the Processor
settings of the BIOS setup.
Hyper-threading makes the server
appear to have more
processors/processor cores than it
actually does; however hyper-threaded
processors typically provide between
20 and 30% of the performance of a
physical processor/processor core.
When BizTalk Server counts the number
of processors to adjust its
self-tuning algorithms; the
hyper-threaded processors cause these
adjustments to be skewed which is
detrimental to overall performance. "
Now, they do say it is due to it throwing off the self-tuning algorithms, but then go on to mention contention problems (suggesting it is a larger scheduling issue, at least to me). Read it as you will, but I think it says it all. HyperThreading was a good idea when were with single CPU systems, but is now just a complication that can hurt performance in this multi-core world.
Instead of completely disabling HyperThreading, you can use programs like Process Lasso (free) to set default CPU affinities for critical processes, so that their threads never get allocated to virtual CPUs.
So.... I don't think anyone really knows just how well the Windows CPU Scheduler handles virtual CPUs, but I think it is safe to say that XP handles it worst, and they've gradually improved it since then, but it still isn't perfect. In fact, it may NEVER be perfect because the OS doesn't have any knowledge of what threads are best to put on these slower virtual cores. That may be the issue there, and why Microsoft recommends disabling HyperThreading in server environments.
Also remember even WITHOUT HyperThreading, there is the issue of 'core thrashing'. If you can keep a thread on a single core, that's a good thing, as it reduces the core change penalties.