Forgot to mention in my last blog post that SPICE is not just more efficient at network bandwidth utilization but is also much more faster/responsive. Also, Jon Nordby pointed out that the screenshots of virt-manager I copied from virt-manager website are several years outdated. Here is how the main UI looks like now a days.
P.S. I was going to inline this screenshot but blogger.com is not letting me do that. :(