Virtualization of wireless networks has received more and more research attention. As a means to reduce the investment of mobile network operators and to improve the network performance, LTE (Long Term Evolution) virtualization is one important study cases in the scope of wireless virtualization. To investigate the advantages of virtualization on the LTE air interface, this work starts with an analytical model of FTP (File Transfer Protocol) transmissions in virtualized LTE systems, and an obvious multiplexing gain can be observed. Evaluations with the considerations of realistic simulation models and mixed services of FTP and VoIP (Voice over IP) traffic also validate the analytical analysis. Further, an extended multi-party spectrum sharing model is proposed. As one of the key issues, spectrum budget estimation is further analyzed based on the characteristics of real time services, i.e. VoIP, and it is validated by further simulations that the proposed mechanism can give a very close estimation on the instant spectrum requirements in one cell. Some of the other investigation possibilities in practice are also discussed at the end.