Sadly with ioping 99% of the time you are just hitting the disk cache anyway when getting good results which is no reflection on random seek time.
Frankly I think both dd and ioping tests are a waste of time as a benchmark on a VPS, they are fine as an indication only though, I have had tickets opened in the past saying "
my dd speed is a little low and ioping is spiking everything is running great and my sites are as fast as ever but I would really like this to be resolved" at which point I do an epic face palm.
A VPS is a shared resource environment the dd or ioping test you have done is valid for all of 3 seconds and the results are probably skewed anyway, ioping will always give better results on openvz due to the way it fails to separate storage resources so you are just hitting the drives cache, and the dd test is probably running in the raid cache 50% of the time and regardless it is a sequential write test, no one is using a VPS for sequential writes.
My personal tests for a VPS to make sure it is fit for purpose:
A) Define the purpose.
B) Does it feel snappy enough during setup
C) Define a repeatable test i.e. siege test/ load runner a website,
There is a good reason you can test the same package from the same company 100 times and get 100 different results, and that is because you are not paying for dedicated resources so your experience will have a degree of variation, if you are deciding that a VPS is of no use to you to host a blog because the dd test gives you only 40 MB/s then you need to stop smoking internet crack and do some actual thinking.
An example I have used in the past:
Same 3 tests on 2 hosts, you plan to run a busy blog/forum which one do you pick:
Host A
UnixBench: 2457
DD: 125 MB/s
ioping: avg of 10 pings = 0.04ms
Host B
UnixBench: 1482
DD: 84 MB/s
ioping: avg of 10 pings = 0.13ms
Obviously based on that data you go with host A despite the fact that none of those results actually impact your intended use at all.
Here is the same data again but with 3 extra bits of data that no one EVER puts on benchmarks or reviews:
Host A
UnixBench: 2457
DD: 125 MB/s
ioping: avg of 10 pings = 0.04ms
AVG Upload speed from 10 locations: 14.7 MB/s on HE only bandwidth
AVG Latency to primary target audience: 57ms
Siege test: 840 page loads p/second
Host B
UnixBench: 1482
DD: 84 MB/s
ioping: avg of 10 pings = 0.13ms
AVG Upload speed from 10 locations: 68.7 MB/s on level3+blend bandwidth
AVG Latency to primary target audience: 31ms
Siege test: 2134 page loads p/second
So with the 3 pieces of relevant information to your intended use you would now be insane to still pick Host A over Host B as host B will clearly serve your purpose significantly better, if however you just want to smash your e-penor in to threads with dd results then go ahead and pick Host A you have no hope of doing anything well in life apart from looking good (on the surface at least)
So yeah, ioping is great to monitor disk load on an active dedicated server as it will give you a constant output of how your doing under load, for a shared environment especially those that use LVM and virtual block devices it is a wast of time on every level.
dd gives you an indication how fast a drive/disk array can write a bunch of 1's right next to each other and in order which reproduces nothing you will ever do on a VPS and if you do on a regular basis you should be getting a dedi.
That is my 0.47c on the subject.