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Cloud Computing and virtualization technology are taking the momentum nowadays in data centres, research institutions and IT infrastructure models. Having a reference and performance benchmarks for the dynamic workloads in virtualized and cloud environments is a vital thing to develop. Virtualized workload benchmark will help data center’s architects and administrators to design an elegant data center’s architectural models and establish a workload balance between virtualized and consolidated servers, according to the workload’s analysis and characterization produced by this reference benchmark. In this paper, we will present an overview about CloudGauge, a dynamic and experimental benchmark for virtualized and cloud environments, and the key requirements and characteristics of virtual systems’ performance metrics, evaluation and workload’s characterization which can be considered a step further to implement a production-ready virtual systems and cloud benchmarking suite and performance models.