We consolidated about 20ish old servers (and added new systems) in to two Dell R720xds that are VM hypervisors. Not only does this save on power n' cooling but it is way faster, more reliable, and flexible. It is much easier and faster to rebuild and stand up a VM, you can snapshot them before making changes, if we need to reboot the hypervisor or update firmware we can migrate VMs over to the other host so there's no downtime. Plus less time is wasted on admining them since there are less systems, and they are newer.
On top of that they have good support contracts, and some excellent reliability features that you didn't get on systems even 5ish years ago (like actively scanning HDDs to look for failures).
Big time win in my book. Now does that mean we rush out and replace them with new units every year? No, of course not, but when the time comes that they are going out of support, or more likely that usage is growing past what they can be upgraded to handle, we'll replace them with newer, more powerful, systems. It is just a much better use of resources.