Most of the literature on Virtual Memory point out that the as a Application developer,understanding Virtual Memory can help me in harnessing its powerful capabilities. I ha
Well, the concept is pretty simple actually. I won't repeat it here, but you should pick up any book on OS design and it will be explained there. I recommend the "Operating System Concepts" from Silberscahtz and Galvin - it's what I had to use in the University and it's good.
A couple of things that I can think of what Virtual Memory knowledge might give you are:
Still, all of these things would have uses only in quite specific scenarios. Indeed, 99% of applications need not concern themselves about this.
Added: That said, it's definately good to know all these things, so that you can identify such scenarios when they arise. Just beware - with power comes responsibility.