As far as I know, Intel has not released any official details about what the PAUSE instruction does other than that it slows down spin loops to a reasonable rate. The best source I know of for this information is the Intel® 64 and IA-32 Architectures Optimization Reference Manual (http://www.intel.com/content/dam/www/public/us/en/documents/...). It is fairly vague about what the instruction does, but gives some useful information in 13.5.3 "Spin-Wait Loops", as well as 8.4 "Thread Synchronization", and in particular 8.4.2 "Synchronization for Short Periods" which says:

"On a modern microprocessor with a superscalar speculative execution engine, [a spin loop] results in the issue of multiple simultaneous read requests from the spinning thread. These requests usually execute out-of-order with each read request being allocated a buffer resource. On detection of a write by a worker thread to a load that is in progress, the processor must guarantee no violations of memory order occur. The necessity of maintaining the order of outstanding memory operations inevitably costs the processor a severe penalty that impacts all threads."

So it seems that the concern here is that (without a PAUSE) the speculative execution engine effectively unrolls the spin loop and executes a sequence of reads on the sequence variable. This queues up a list of pending memory operations that need to be unrolled in order to ensure that the result is the same as if they were executed sequentially -- even though in this case it wouldn't make any difference.

Coherence wise it won't interfere with other cores and their access to memory.

That said how hyper-threads share CPU resources is a moving target. My understanding through hearsay is that in the past many resources were statically partitioned with hyper-threading enabled, but now things are moving towards allocating resources dynamically which means that a thread wasting resources would be sucking up capacity that could be used by another hyper-thread.