As long as you are using recent hardware (E3's, E5's) a quad core will absolutely be able to handle more then 16GB worth of VPS. Keep in mind that quad core = 8 threads. That means if you sold 1GB VPS with 16GB of memory each one would be guaranteed 50% of a thread bare minimum. And I don't know about you, but all of the VPS that I have just idle at around 1% CPU usage.
tl;dr you could probably fit around 32GB-48GB per E3-1230 as long as you're not selling ridiculously low memory vps like 256MB. Just make sure your RAID array will be able to handle the I/O load. 4x250GB with a HW RAID card and BBU/NAND cache and you should be golden. The more drives the better, though.
If you don't go raid-10 you're basically shooting yourself in the foot and you can expect even less then 16GB a node. RAID-5 is okay but it actually is worse then a raid-1 array when it comes to write performance. So needless to say if you go raid-5 expect less then a single sata 7200 in regards to write speed -- at least on small writes, anyway. Larger ones tend to be little better.







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