I believe it depends what mode the virtual machine adapters are in. If they are in NAT mode they probably won't have a connection between each other. Bridge mode will have a interconnection as both virtual machines will get an IP on the LAN.
During intercommunication, a half-round trip of the TCP/IP stack takes place using special network drivers installed by the VM software. The packets would never go out on the wire and probably won't even get an Ethernet frame put around them. The communication takes place solely in software but changes are it's speed is capped to the rate of the physical network card.
This sounds like a homework question... But why do you have [tag:solaris] and [tag:opensolaris]? What is the host OS? What is your VM program? What is your network config currently? Which OS is the guest? – Canadian Luke – 2014-03-19T18:53:10.750