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A VPS is private shared environment where you sharing it with some other people which may affect you - unless there are CPU/memory restrictions. As for a dedicated server it is all yours and yours alone.
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As VPS is still hosted on a shared server, do we need to worry about bad neighbour? The WordPress injection hacks for example, can hurt other websites that hosted on the same server (but different shared hosting account); do we have such worry with VPS hosting (as they are hosted on the same hardware but different software)?