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Can someone give me a cliffsnotes summary of Virgin Galactic's MO vs say, SpaceX. What are both companies trying to accomplish?
Access to space.

There could be different things to do in space, so offerings differ. SpaceX offers you the "orbital" space - you can put your payload on orbit and it's going to sit there for a long time, while doing research, serving communications, observing Earth - or even leave for another planet altogether. Virgin Galactic hopes to offer you the "suborbital" space - a short (ten minutes or so) rides to heights of about 100 km, with some 4 minutes of weightlessness included - for a lot smaller price than SpaceX.

So, you can have different accesses to space. Space have different places (and, in case of suborbital flight, speeds) - and the costs to get there are different.