Seeing a big latency with few IOPS happening as in your screenshots is not that uncommon, though your case seems a bit extreme. Can you run IOmeter or something in a VM?
Also check your hpsa driver version:
esxcli software vib list | grep hpsa
The current one is scsi-hpsa 5.5.0.60-1OEM.550.0.0.1331820
Update the driver accordingly:
http://vibsdepot.hp.com/hpq/jun2014/esxi-550-devicedrivers/hpsa-5.5.0-1874913.zip
And make sure the firmware of the p420i is up to date as well, the current version is 5.42. You can use this bundle from the ESXi shell to update:
http://www.hp.com/swpublishing/MTX-5424e8ae66a84ed08ee64d98c7