If you aren't on at least 5.0 Update 1 there was a bug with AMD processors (I'm assuming you have AMD procs since you said no HT) that did not properly balance VM's and could introduce rdy time even though you have more pCPUs than vCPUs. Also in esxtop keep in mind unless you expand the VM you are looking at that 40% rdy time will be cumulative for your 4 vCPUs so that it's really probably about 10% per vCPU.
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