1. An apparatus comprising: at least one processor; a memory coupled to the at least one processor; two or more logical partitions defined on the apparatus, wherein each of the two or more logical partitions owns portions of a shared processing resource; and a dynamic processor allocation mechanism residing in the memory and executed by the at least one processor, wherein the dynamic processor allocation mechanism attempts to allocate the shared processing resource among the two or more logical partitions based on a current utilization of the shared processing resource among each of the two or more logical partitions and a current utilization of shared processing resource for the apparatus as a whole.