That the VM disk storage will tend to be SAN-based as opposed to bundled in with the VM image?
This makes sense for replicated web serving VMs that all need to pull the same data for the same account from the same place regardless of who is up and who is not.
However, a lot of the attractiveness of VMs for non-datacenter types like me is their use as self-contained appliances. In this kind of application, bundling of the disk storage for the appliance's data into the VM image makes a lot more sense. The key considerations driving separate storage are whether the data needs to be shared with other applications or not, and if it has to be available when the appliance is turned off.
I think we're only in the launch phase of massive virtualization right now. Ultimately, the real benefits will turn out to be in the fields of convenience, backup/restore and disaster recovery; optimizing server utilization is just the salesman's foot in the door.
For those corporate and web applications architected for separate storage, I think we'll see the following developments fairly soon:
1. VMotion with synchronized dynamic DNS updates to preserve Internet visibility as well as application uptime.
2. DMotion (Data Motion) for SAN disaster recovery purposes so that the switching of VMs and conventional server applications to backup databases can proceed in an automatic and standards-governed way.
3. Virtualized SANs as an outgrowth of DMotion.
4. Increased incidence of motion sickness unless standards are developed.