In order to increase utilization, multicore processors share memory resources among an increasing number of cores. This sharing leads to memory interference, which in turn leads to a non-uniform degradation in the execution of concurrent applications, even in the presence of fairness mechanisms. Many utilities rely on application CPU Time both for measuring resource usage and inferring application progress. These utilities are therefore directly affected by the distorting effects of multicore interference on the representativeness of CPU Time as a proxy for progress. This makes reasoning about myriad properties from fairness, to QoS, to throughput optimality very difficult in consolidated environments, such as IaaS. We introduce the notion of Quality Time, which provides a measure of application progress analogous to CPU Time's measure of resource usage, and we propose a simple online sampling-based technique to approximate Quality Time with high accuracy. We have implemented three user-space tools called Qtime, Qtop, and Qplacer. Qtime can attach to an application to calculate its Quality Time online, Qtop is a dashboard that monitors the Quality Times of all applications on the system, and Qplacer leverages Quality Time information to find better application placements and improve overall system quality. With Quality Time, we are able to reduce the error in inferring execution efficiency from 150.3% to 25.1% in the worst case and from 30.0% to 7.5% on average. Qplacer can increase average system throughput by 3.2% when compared to static application placement.