Would I be wrong in assuming that one place virtualization would
be useful is in running multiple Mac OSXS servers on one machine
(assuming it was legal) to sell as dedicated servers to clients ?
No.
Huh?
However, you'd have to be very careful about guaranteeing service
levels, since the various entities will argue over bandwidth and
CPU and if one gets greedy the others may get shut out.
Which is why most hypervisors allow you to specify QoS levels for
each VM instance.