Just found at Wired.com, about this new virtualization tool called "HyperSpace". Its a new hypervisor much like VmWare's ESX Server which is a layer just above the BIOS and can boot multiple OS. HyperSpace is something similar but not entirely an independent virtual machine. Instead it currently allows only Windows applications to run above it.
HyperSpace is developed by Pheonix Technologies, which is famous for developing BIOS for a host of motherboards. Pheonix Technologies says that this product has been developed considering that the boot times for Windows has increased so much that people need 5mins just to login to their computers to check emails. Also, Pheonix provides an argument that Windows has become bloated and people who want to use only simple applications, don't want to load that bloat...
Although all of the above arguments from Pheonix may be true, it doesn't make much sense to me. With quick sleep and hibernate available in Windows today, it really takes 4-5 secs to start using windows after you wake up from sleep. Even with hibernate, it takes less than a minute and in that time you just stretch your arms to start typing!!
I think virtualization should be directed at multiple testing environments and servers with different applications. Virtualization should ideally allow you to switch between operating systems by the click of a button. To me, this approach of virtualization is not very useful and does not have a large market. May be some people will use it, but Quick Sleep and Hibernate are for the general masses!!