If you don't understand the value of virtualization software, then you really don't understand storage technology. VMWare produces virtualization software that goes BEYOND the server virtualization that analysis ONLY talk about.
VMWare virtualizes entire datacenters, from NAS/SAN attached storage to enterprise desktop enviornments. Microsoft, Xen, Oracle are jumping in and don't have near the type of product.
They are making money hands and fist and the fact that they will continue to do so in the next couple of years to come will bring in buyers.