Most SSDs will experience performance degradation, particularly on write operations, with age. However, it will still outperform a hard drive even after severe degradation.
I wouldn't worry too much about using your SSD for a VM. I have done that on my MacBook Air (since there is no other choice). If you are concerned about performance degradation and are using Windows 7, you might consider installing it in a Boot Camp partition and running Windows that way every once in a while. Windows 7 supports TRIM, which is a software operation that helps prevent performance degradation. TRIM runs in the background automatically when the system is not busy. OS X does not yet support TRIM (though it's rumored for OS X 10.7), so your Boot Camp.