BP #3: Configured Host Power Management
VMware says that the "balanced" power state will be fine for most customers:
Balanced: This power policy is designed to reduce host power consumption while having little or no impact on performance. This is the default power policy since version 5.0. ESXi has used P-states in the Balanced power policy since 5.0. — VMware vSphere 5.5 Host Power Management
However, if you have hosts that are running latency-sensitive applications, such as Cisco Unified Communications, then it is recommended you choose High Performance, so that you remove any microseconds of latency that might be incurred under balanced mode. Such many such applications restrict their coresidency with other applications that may also introduce latency, this should not be an issue (they often also tell you to turn off HyperThreading for the same reason).