what does running Mac OS as a server buy you?
For most people, there's not much benefit, unless you're using Minis to do OSX-specific stuff like automated builds or testing of iOS/OSX-native software.
Some people run big images/video batch jobs on OSX machines. You can create pretty nice workflows for that stuff with Automator/Applescript. That may grow in popularity a bit now that Yosemite can be scripted with Javascript. I don't know how common that is.
Mac Mini /hardware/ is popular with some people who use them as servers for other operating systems. This is attractive because some companies (MacMiniVault, MacMiniColo) will host Mac Minis /really cheaply/ ($35/month) since they sip power and they can cram 96 Mac Minis into a single server cabinet.
Theoretically this could also be accomplished with compact boxes from Dell or anybody else. There's nothing innately special about the Mac Mini's hardware. But since the form factor of the Mac Mini doesn't change too frequently, a small cottage industry has formed around hosting Mac Minis.
Virtual hosting is great and is probably the right answer most of the time, but Mac Mini hosting fills/filled a nice niche -- virtual hosting gets expensive fast if you need a fast CPU, 16GB of memory, and hundreds of GB of storage.