Andy, on your side of the world, you are usually just getting up when the nightly backups and cpanel updates start.
As I told Omar the other day, we came across some silly configuration to which every VPS was running cPanel updates at the exact same time. That was causing some I/O issues on the disks which was slowing everyone on that machine down.
Yesterday, about 9PM and 11PM EST we were doing some work to try to correct this and you may have seen load issues again during this time.
Now what we have done is set each VPS to fire off their updates starting at 1am until 5am one VPS goes every 20 minutes...
We are hoping this will solve some of the I/O issues that we are seeing late at night.
Also remember you are coming back into a shared hosting from a nice dedicated server so no matter what platform you are on its going to feel a lot slower.
My understanding of VPS (we will have to ask Sergey later) is that the loads are typically higher because the processor is virtual and is just a segment of a normal CPU its almost always going to be at least in the 2-3 range on VPS even if it is a blank machine, which isn't necessarily an issue. When things get much above 6-10 you will probably feel issues and can even feel issues when the load is low but the I/O is high.
Anyways we have some other issues on that box today and we are going to quarantine one of the VPS on there which is not playing nice with the rest of your VPS's to see if this helps things a bit.