Snapshots or Checkpoints - One and the Same.
First of all a snapshot is exactly the same as a checkpoint, if you use Hyper-V Manager you will see the term snapshot and if you use System Centre Virtual Machine Manager or SCVMM you will see checkpoint both processes are exactly the same the differences are merely in terminology.
The first and most important thing I would like to cover is that snapshots are not a backup/disaster recovery solution, they are simply a point in time capture of the data,hardware configuration and state of your virtual machine. snapshots are particulary useful for reverting back to a previous state quickly and easily, Microsoft only recommends the use of snapshops in a test/development environment. I only use snapshots for a virtual machine when applying updates to the guest operating system or an application within the OS, if the update is successful then the snapshot is immediately deleted and the VM shutdown so the merge process can take place. I do not recommend keeping snapshots of your Virtual Machines in a production environment.