A virtual filesystem that is based on modern mmap technologies works as a intermediate layer between the foreground memory and the background memory.
On SunOS (this is where the concept is from) there is a generic layer called segvn which is the generic vnode segement driver and a VFS implementation uses segvn to get callbacks from memory faults (typically missing data from the background memory). The background memory used by local filesystems is typically a block device driver, but a VFS may implement anything appropriate, e.g. calling network IO.
So what a VFS implementation actually does is to implement a store method for data that manages to link a data element in the filesystem namespace to e.g. a block on a background storage device.