This paper describes the methodology and the results of performance investigations on a multiple-input multiple-output (MIMO) transceiver scheme for frequency-selective radio channels. The method relies on offline simulations and employs real-time MIMO channel sounder measurement data to ensure a realistic channel modeling. Thus it can be classified in between the performance evaluation using some predefined channel models and the evaluation of a prototype hardware in field experiments. New aspects for the simulation setup are discussed, which are frequently ignored when using simpler model-based evaluations. Example simulations are provided for an iterative (“turbo”) MIMO equalizer concept. The dependency of the achievable bit error rate performance on the propagation characteristics and on the variation in some system design parameters is shown, whereas the antenna constellation is of particular concern for MIMO systems. Although in many of the considered constellations turbo MIMO equalization appears feasible in real field scenarios, there exist cases with poor performance as well, indicating that in practical applications link adaptation of the transmitter and receiver processing to the environment is necessary.