1. A method for resource allocation in a virtualized computing environment comprising at least one physical computing system hosting multiple virtual machines, the method comprising: dynamically allocating physical computing resources of the at least one physical computing system amongst the multiple virtual machines, including: receiving indications of importance corresponding to activities that can occur on the multiple virtual machines; determining that one of the activities is occurring on one of the multiple virtual machines; and in response to the occurring activity, automatically modifying, based on the occurring activity and its corresponding importance, an allocation of physical computing resources of the at least one physical computing system that are assigned to the one virtual machine.