hairycoo - 7:01 pm on Feb 8, 2011 (gmt 0)
Just to add on what I've learned since I posted this.
By far the biggest benefit of using virtual pageviews over events is the ability to track them as goals (which you can't do with events, or at least you couldn't last time I checked) which opens the door to EXTREMELY actionable and very detailed and useful reports (far more useful than the navigation summary).
It's been invaluable for me even though it's a pain to manually tag every link. Hope this helps.