Virtual Machine Monitors (VMMs) are gaining popularity in enterprise environments as a software- based solution for building shared hardware infrastructures via virtualization. In this work, using the Xen VMM, we present a light weight monitoring system for measuring the CPU usage of different virtual machines including the CPU overhead in the device driver domain caused by I/O processing on behalf of a particular virtual machine. Our performance study attempts to quantify and analyze this overhead for a set of I/O intensive workloads. Notes: To be published in the Usenix '05 Annual Technical Conference, 10-15 April 2005, Anaheim, CA 5 Pages