Maybe I read what yottabit posted wrong, but I get the impression he's NOT virtualizing freenas. I think he's running freenas on bare-metal and serving up iscsi extents for another box that's running esxi. This is more of a 'main stream' use of freenas I think.
This whole thread is about 'how much freenas muscle do I need to provide iscsi for my vms'. Very little information about anything else. Size of vm's, how many iops each vm is doing, the working set of each vm, read heavy / write heavy. Sequential vs random read / write, how much percentage of write is sync, etc, etc.
It's like saying "I want to move, what do I need to move?". No information on how many people in the family, how big the old house was, how big is the new house is, how much stuff do you have, how fragile it is, how big it is, how heavy, how far are you moving, what time frame do you need the move to be completed in, etc.