That depends on the application you want to run in your VMs and how many VMs you want. Simple rule of thumb is also the combined clockspeed: e.g. 4*3.5 GHz vs 6*2.2 GHz.
If you want to virtualize a single-threaded, high performance application, use the model which has the higher clock rate. If you want to have more power for parallel tasks, e.g. serving files, webserver, (some) databases, use the more cores. 2.2 Ghz vs. 3.5 GHz is a gap of more than 50% clock rate increase from the lower speed model.
We run both: We have 4x CPU AMD Opterons with 12 cores each at 1.8 GHz and 2x 3 GHz Intel Hexacore and depending on the application, each has its benefits. Massively parallel computation is much faster on the more-core machine, yet a simple VDI is much faster on the Intel machine.