15" MBP with 2.53GHz CPU, 6GB of RAM and 7200RPM HD. Have external monitors at home and at work. I'm using either IntelliJ IDEA 9 or Eclipse for an IDE, depending if I'm doing Android stuff (Eclipse) or everything else (IDEA).

I don't use VMs on this machine but at work there is a server full of VirtualBox VMs for testing deployed apps in a production-like environment.