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AFAIK 4 cores + HT isn't equal to 8 cores.
Some time ago, on wht, I've read something like 6 or 8 vps per core.
Since you are doing Xen, RAM and HD space is the primary divider. You can fit as many VPS as you have RAM and hard drive space for.
That is how many will "fit", but the performance is another matter. Depending on the performance you want each to have, you will have to evaluate your disk IO speeds as well and may have to scale back your maximum VPS number to allow for better performance.
Indeed, you can fit however many you want. The question is how many can your server cope with performance wise.
I/O is the key. CPU is generally not a problem unless some script goes wrong (easy to detect and fix).
Memory also, can be oversold pretty much, but if you have low I/O customers will see it as sluggish and wont like that. Massive swap will also put the last nail in the coffin.
Begin planning from the storage, it is the most important bottleneck.
M
You can also use "iotop" to view what processes are using I/O.
"yum install iotop"
should work for you
"top"
will allow you to see what processes are using cpu/ram.