1. A computer-implemented method for dynamically monitoring performance of a virtual machine environment, comprising: causing display of an arrangement of user-selectable nodes corresponding to components in a virtual machine architecture operating in a virtual machine environment, wherein the user-selectable nodes are connected to represent hierarchical relationships between components in the virtual machine environment; receiving input selecting one or more performance factors of interest from a plurality of different performance factors for assessing performance of the virtual machine environment; computing performance data corresponding to the one or more selected performance factors, wherein the computed performance data includes a performance state determined by applying performance state criteria; upon receiving a user selection of a node in the displayed architecture, causing display of the performance data for the corresponding component in the virtual machine environment, according to the selected one or more performance factors, wherein the nodes are displayed with an appearance characteristic that represent the performance state of the corresponding component, wherein the display includes a time graph indicating the performance data for the corresponding component according to one or more selected performance factors across a period of times as compared with other components to enable a user to detect changes in performance for the corresponding component; when the display indicates that a change is warranted in the virtual machine environment, receiving input to add, modify, or delete the node connections; and according to the received input, adding or deleting components in the virtual machine architecture or modifying the relationships between components in the virtual machine architecture.