For example in Windows XP (and onwards), you can Right Click My PC -> Properties -> Advanced System Settings
and disable a whole slew of features that turn off eye candy and make the computer runs blazing fast.
Since I'm running Ubuntu on a Virtual Machine for development purposes I really don't care if my windows have transparency or slide in and out. I just want it to run as fast as possible.
Is this possible in the latest version of Ubuntu?
If you want Ubuntu to run as fast as possible, I suggest you choose a lightweight Desktop Environment.
At Phoronix there is a great comparison test that shows How Desktops Impact Performance.
Some examples:
And:
Also we can conclude that Unity 2D is not always faster than 3D:
For starters, when you are logging in, click on the Ubuntu logo and select Ubuntu 2D.
Here are some great resources. Take careful note of the ccsm warning for 12.04 and other release-specific info. (Ccsm is the closest thing to the feature in Windows that you mentioned.)
"How can I improve overall system performance?"
How can I configure Unity?