What is MVVM Pattern? and what are the advantages of the MVVM approach?

As many companies are switching from WinfForms to WPF/Silverlight, several project managers recently asked me almost identical questions about MVVM:
What is MVVM Pattern?What are the advantages of the MVVM approach?
The purpose of this article is to answer these questions and to explain the MVVM pattern in the simplest possible way.
I assume that the article readers have not had any previous exposure to the MVVM pattern but have some knowledge of WPF or Silverlight.
Time permitting, I plan to write more MVVM articles which will include comparison of different MVVM frameworks and introduce a new MVVM framework.

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C#,.NET,Architect,Intermediate,VS2010,.Net,Articles,Computer Tutorials,MVVM,MVVM Pattern