Guaranteed private server resources is our credo! We will never oversell our cloud based VPS, so all your websites will always run with top level performance and incredibly high speed. You can never go wrong with our own top-notch dedicated servers, loaded with the latest Intel Xeon processors, terabytes of SSD disk space and 128 GB of RAM per server. These state-of-art servers will guarantee you the ultimate computing power and blazing fast speed.
Change is a good thing. Unfortunately, when you are making big changes to your site or application, there is always room for error. Live-state snapshots takes the idea of a "backup" and brings it forward to its next logical step. Taking a snapshot of your partition not only creates a backup of your files, but also all of the processes running in the background at that instant in time. This way, if you make an error or break something while making updates, you can revert your partition to that exact snapshot, providing a working, fail-safe rollback.
VPS has a dedicated IP address, which you do not have to share with other users. This is important, as in shared hosting many domains are under one IP address and if one website fails, the whole IP address is added to the blacklist. Also, in case of shared hosting, your website's load can be affected by another user on the same server. It means that if your "neighbor" website is loading or it is inaccessible for various reasons, your website loading time can be increased too.
So that could be either a virtual machine - an operating system running inside another operating system, or a virtual private server - you rent a virtual server from a company, so you have your own internet-facing server running 24/7 relatively cheap (since it's not a real server, but one of many virtual server running on an actual server). I think he might have meant the later, since you'd have to run a snartnofe (btw I love that name) non stop to benefit from it.