I can't see any reason to do this outside of QA/dev testing. Perhaps you are hoping that you can better utilize the resources of the machines by running multiple JVMs?
Resource utilization is a very real reason to use multiple VM's as the JVM can't get more than about 1.6 Gig usually on Intel and 3.6 Gig on Solaris/Sparc boxes. If you have more RAM and CPU you put more VM's on the box. Here's a link to an article that explains more about the VM issues.