I love Virtual caches.
I set 13 of my own in the early days and I’m pleased to say that enough people like them to have awarded them lots of favourite points (one has 806 so far https://Coord.info/GC4E4B ) and another was awarded Best Non-Physical cache award at the 2016 British and Irish National Geocaching Awards (https://coord.info/GCKCJV ).
I also love finding Virtuals and have found 183 so far. For me they represent much of what is best about geocaching because they take you somewhere special that someone really wants to share. Too many of the more recent physical caches aren’t in an interesting or beautiful place.
Having said that, I completely understand why Virtuals need to be limited because it would too easy to throw them down in the same way as physical caches and I remember finding a couple like that in the early days with nothing to recommend them.
I’d like to see Groundspeak allow a small number of new ones each year aimed at adding a few high quality virtuals to the stock.