I tested SMAPIv1 on XCP 8.2.1 against SMAPIv3 on XCP 8.3b2 using the same host (a HP ProDesk 400 G6 with a i5-10500T CPU, 32GB RAM). A 1 TB Samsung 860 EVO SSD drive was used as the test SR, while XCP was booted from a 512 M.2 KIOXA NVMe drive. Fio (fio-3.37) was compiled from source on an up-to-date Debian 12 VM (2 vCPU, 4 GiB RAM, 32GiB drive) which was copied twice so that three identical VM could run fio in parallel.
After an initial fio run to create the files, a script run three sequential write and read tests (e.g. fio --name=fio --ioengine=libaio --randrepeat=1 --direct=1 --fallocate=none --ramp_time=10 --size=4G --iodepth=64 --loops=50 --group_reporting --numjobs=1 --rw=write --bs=1M). The script first ran on one VM, followed by a run on three VMs in parallel. IOPs and bandwidths were averaged.
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v1-1VM are the results for one VM on a SMAPIv1 SR (XCP 8.2.1) while v3-3VM are the results for three VMs in parallel an a SMAPIv3 SR (XCP 8.3b2).
While I'm not sure if this approach is really valid (e.g. the average load of the host went through the roof when three VMs performed fio in parallel), it does suggest that the bandwidth of SMAPIv3 is not yet en-par to that of SMAPIv1. But I could be wrong and this is an early previews of SMAPIv3. Looking forward to more performance results on SMAPIv3.