Here's a few: backup - a file (OK or a number in a directory) = the entire machine. End result? Recovery in minutes not hours or days.
Update problems? Another gift from the beta testing department of MS? Simply recover a snapshot you made before you applied the "fix".
Experimental systems development; need another server for trials or simply to add resilience and load balancing to infrastructure? Make a copy of a VM rename it and go.
What I find quite amazing is what you can do with this technology for free with what's available out there. Try before you buy

P.S. I typed out the above on my phone while heading home. More reasons I thought about last night...
Efficient utilisation of hardware: Many servers spend much of their time in a fairly quiet state. One box running many virtual servers better uses the resources available leading to.....
Reduction in carbon emissions, and more important to the bottom line, reduced energy costs.
Increased flexibility: Server virtualisation allows you to set up a virtual server very quickly from templates, or existing machines that you've spent time building previously.
Better availability: With a larger infrastructure VM's can sit on several physical boxes. If one fails then another can automatically take over.
Scope change: As the resource requirements for a specific virtual machine change, a virtual server can be upgraded very quickly, more processors introduced, more storage added etc., without much more then a few quick configuration changes.
Less Total Cost of Ownership: In a virtual server environment, your initial investment is less because you don't need as many physical boxes. If you've already got existing infrastructure, then savings can be made by virtualising existing machines, rather then replacing them, before they are retired.