While reconfigurable computing promises to deliver incomparable performance, it is still a marginal technology due to the high cost of developing and upgrading applications. Hardware virtualization can be used to significantly reduce both these costs. In this paper we describe the benefits of hardware virtualization, and show how it can be achieved using a combination of pipeline reconfiguration and run-time scheduling of both configuration streams and data streams. The result is PipeRench, an architecture that supports robust compilation and provides forward compatibility. Our preliminary performance analysis predicts that PipeRench will outperform commercial FPGAs and DSPs in both overall performance and in performance per mm2.