Real Desktop virtualization

I have heard so much about Desktop virtualization and I really believe it is the future for so much of our computing. My question is can desktop virtualization really reduce the cost of PC's any more than thin-clients/server based computing? I mean, a thin client won't run video's very well. Why would a virtual image running a thin client run videos any better. I guess desktop virtualization saves money by not having to directly touch full blown PC's, huh? If you want to get a real PC like experience, you can't use a thin client, you need a full blow PC, even if the virtual image comes from a server somewhere else. It does sound like a lot of work... I am an advocate of true desktop virtualization like Fiddlehead. nComputing and other products that claim to be virtualization products are just trying to jump on that bandwagon. They use one copy of an OS and share it amongst 4 or 5 users. THAT IS NOT VIRTUALIZATION OF ANY SORT.