Well I think one answer about browsing from a VM is you can run without any protections at risk or run with protections installed there and still get slammed or may see nothing at all. The VM has the main advantage however of adding a layer of isolation between that and the host OS.
I agree,
The company I work for manages hotel business centers. One of the companies we just bought out used a program called deep freeze. When the machine reboots anything hat was done on the machine is wiped and its like it was the last time it was configured. In a sense VM snapshots will work the same way. You get a virus, simply restore the snapshot from the last time you configured and its back to the way it was.
I have considered running a very similar setup strictly for sensitive surfing, bill paying, checking bank accounts, etc. Anything that would have information thats not good for malware to find.
With some VMs here the problem is not being able to save machine states since those require the live cd in the drive in order to load the live session. Once you close the VM any changes made are lost.
The snapshots only preserve the settings for the VM you tend to before running it as well as the power management type options while other things like screenshots and bookmarks for browsers other then IE still require an outside of vhd place to store them provided you have integrated components support as seen with the XP Mode.
The ideal safe browsing is not even with a VM but booting directly from a live cd. Since any malware can't infect the live OS's system structure you would need to be running only one from a select list to even have access to any physical drives to see any spread. Other then that when closing out a live session anything new is automatically lost not having a place to go.
The XP Mode on VPC or on the VM Lite Workstation is more vulnerable without protections due to the integrated components providing direct access to the drives on the host system a bug could still be spread by copying files over from the vhd or downloading to a main drive direct while browsing in one of those two options. For other VMs however they only typically see the D for optical like dvd media used by the installer or live distro and A for floppy when most systems now have none.
Whether browsing by VM or other here's something else you may want to look at.
The 17 Most Dangerous Places on the Web