But when will a VM hit its full reservation exactly? Popular belief is that the VM will hit full reservation when a VM is pushing workloads, but that is not entirely true. It also depends on the Guest OS being used by the VM. Linux plays rather well with others, when Linux boots it only addresses the memory pages it needs. This gives ESX the ability to reallocate memory to other machines. After its application or OS generates load, the Linux VM can hit its full reservation. Windows on the other hand zeroes all of its memory during boot, which results in hitting the full reservation during boot time.
Here are the Lines about the Reservation From "Resource Management Guide"