Being able to put your entire desktop onto a thumb drive is certinaly a great idea when you are travelling or visiting friends/clients. Wish I'd thought of that.
The OS hosting the VM session still has to have native HW drivers. If a particular piece of HW only has Windows drivers then your particualr flavour of Linux can only run on that HW when hosted under Windows. Not the best situation but still better than not being able to use that HW at all.
Anything that aids portability is always welcome. »