There had been discussions on virtual hosting versus dedicated IP addresses that multiple sites having same IP addresses will have its page rank affected and Google penalize sites which are virtually hosted.
It's a myth if people say that Google penalize sites which are virtually hosted and is a false intuition that multiple sites page ranks are affected if they are hosted on the same IP address.
Virtually hosted sites and domains with dedicated IP address are handled equally by Google.
The statement confirmed in mattcutts blog (http://www.mattcutts.com/blog/) indicating a conversion slashdotted.
"Google handles virtually hosted domains and their links just the same as domains on unique IP addresses. If your ISP does virtual hosting correctly, you'll never see a difference between the two cases."
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