The document discusses shortfalls in monitoring virtualized applications. It notes that traditional monitoring approaches are deficient for virtualized environments due to factors like hypervisor overhead, resource contention between VMs, and the distributed nature of VM deployments. However, virtualization also provides opportunities to improve monitoring. These include collecting data across the full application stack, providing application-centric views, and automating monitoring configuration during application provisioning by using provisioning metadata. The document argues this would allow for a more complete view of application health in virtualized environments.