I've been using Vagrant for almost all development projects for the past two years, and for projects where I'm the only developer, Vagrant + VirtualBox has worked great, since I'm on a Mac. I usually use NFS shared folders so I can keep project data (Git/SVN repositories, assets, etc.) on my local computer, and share them to a folder on the VM, and not suffer the performance penalty of using VirtualBox's native shared folders.
However, this solution only scaled well to other Mac and Linux users with whom I shared development responsibilities. Windows users were left in a bit of a lurch. To extend an olive branch, I hackishly added SMB support by installing and configuring an SMB share from within the VM only on windows hosts, so Windows devs could mount the SMB share and work on files in their native editors.