Well Virtualization is not limited to just (x86 or otherwise)Servers and Dsktops but also to SAN and NAS. This intesting article goes through it thoroughly.
Virtualization can also help you achieve better storage utilization and faster provisioning. The laborious processes for provisioning LUNs and increasing capacity are greatly simplified — even automated — through virtualization. When provisioning takes 30 minutes instead of six hours and capacity can be reallocated almost on the fly, you can make much more efficient use of storage hardware. Some shops have increased their storage utilization from between 25 and 50 percent to more than 75 percent using storage virtualization technology.
See for yourself.
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