Currently in our testing environment the max and min JVM heap size are set to the same value, basically as much as the dedicated server machine will allow for our application. Is this the best configuration for performance or would giving the JVM a range be better?
Main reason to set the -Xms is for if you need a certain heap on start up. (Prevents OutOfMemoryErrors from happening on start up.) As mentioned above, if you need the startup heap to match the max heap is when you would match it. Otherwise you don't really need it. Just asks the application to take up more memory that it may ultimately need. Watching your memory use over time (profiling) while load testing and using your application should give you a good feel for what to need to set them to. But it isn't the worse thing to set them to the same on start up. For a lot of our apps, I actually start out with something like 128, 256, or 512 for min (startup) and one gigabyte for max (this is for non application server applications).
Just found this question on stack overflow which may also be helpful side-effect-for-increasing-maxpermsize-and-max-heap-size. Worth the look.