I recently implemented this exact feature for my employer's image-based backup product for Windows systems. I hesitated to post this, at the risk of sounding like a commercial, but I think it's relevant.
The product itself (ShadowProtect) makes snapshot-based backup images. The relevant feature, called VirtualBoot, can be used to immediately boot a specified backup image within a Sun VirtualBox VM, without the need to restore the backup or to convert it to any other file format (lengthy operations). There are many use cases facilitated by this feature, and data longevity is one of them.
By preserving the applications and operating system, along with the data, the data's lifespan is significantly increased, particularly when data stored in proprietary formats (where the source apps are essential in order to consume the data).