It's a pretty wide concept, and the answer will depend on who you ask.
Things like using Xen or VMWare to run a second OS instance inside your existing OS could be classified as the "low end" of virtualization.
Massive installations in data centers where the virtualization can span large amounts of physical servers, where you can move virtual hosts between different physical servers on the run, and so forth, could probably be considered the "high end".
Mostly, it's one of those "If you don't know what it is, you don't need it" things.
A good use for it in a desktop/workstation context would be for developers to test software on different OS releases, or altogether different OS's, or administrators doing similar testing.