Modern aerospace systems have continued to grow increasingly complex, demanding an advanced approach in test and evaluation. This paper explores broad industry trends towards growing capabilities in virtual Verification and Validation, and details how investments in this area can be used to build and deploy full-fledged Digital Twin systems. These modern, automated methods are contrasted against traditional test capabilities, and the returns when applying a harmonized approach in PIL, SIL, and HIL testing. A framework-based cyberphysical development and test platform is offered as a solution to effectively develop an automated V&V capability while leveraging the latest Machine Learning and Artificial Intelligence technologies. The three emerging types of Digital Twins are identified, including: Type 1 – Digital Twin for MBSE Systems Development; Type 2 – Digital Twin for What-If Analysis, and; Type 3 – Digital Twin for Live Monitoring, and presented alongside a discussion of the commonalities between a Digital Twin and a virtual V&V system.