Does ViewModel Increase Web Applications

As far as I understand, using view models can do web developers. life is much simpler, in the sense that we can use this approach to display only the necessary properties in localized strings. I also use mvc3 validation to view jquery etc.

Now I doubt it, since I have a real bottleneck in my webapp. requesting all objects (20 of them) like this

 List<Domain.Property> data = session.Query<Domain.Property>().ToList();    
 return PropertyViewModel.FromDomainModel(data);

and this list of property objects is sent to my ViewModel, where FromDomainModel is located, which expects Object List objects like this

List<PropertyViewModel> dataVm = new List<PropertyViewModel>();
{
            foreach (Property p in x)
            {
                dataVm.Add(new PropertyViewModel(p));
            }
            return dataVm;
}

now in the same class i use

public PropertyViewModel(Property x)
        {
            Id = x.Id;
            Created = x.Created;
            Title = x.Title;
             ....
            Photo = x.Photos.First();
}

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