Just to add my $0.02 on using virtual folders. I tend to use a lot of virtual folders at work. I'm subscribed to a ton of internal email lists. I bind vm-switch-to-folder to a handy key (I use "`"), then finding a folder is simply ` followed by C-s and a few characters of the folder name. By creating a folder for various teams I work with (which may be one or more mailing lists), this makes it easy to get through mail associated with the team.
What is missing for me is a summary view of all folders. Something that could show each folder and the number of unread messages similar to Outlook's summary (sorry! I shouldn't mention that product). Seems like this could be some sort of speedbar integration. Not saying what I do is ideal. Posting here has proved to me that other's often have better solutions! -Kyle