the concept--and products based on that concept--has been around for almost a decade
Closer to 6 decades, this is old hat for IBM mainframes.
For me the question is tho', why virtualize? And the answer I keep coming back to is that a) it is too hard to retrofit good manageability onto processes as the basic unit of applications and b) people are used to it, the idea of having 1 machine per app, when really it isn't cost effective to do that.