I think you're just as likely having problems because of the 5400rpm HDD.
I had a 2.4GHz MBP before this one (a loaner from work) with 9400M GPU, 4GB RAM and 5400rpm HDD, and yes, it definitely felt more sluggish while running the VMs - but I was using lots of software dev tools (Resin running a couple of Java webapps, Apache, Eclipse, Oracle, multiple web browsers). I ended up reducing the Win7 VM to 512MB RAM. The VM's speed was acceptable for what I was doing, testing my webapps, but much slower than with the 1GB I assigned once I moved to this Mac.
The 8GB MBP I have now is much better, but I'm not sure if more of the improvement is due to the 7200rpm HDD, faster CPU, discrete GPU or more RAM.
Edit: But really, I don't think you're having problems due to RAM.