C++ doesn't allow virtual template member functions right now. The most likely reason is the complexity of implementing it. Rajendra gives good reason why it can't be done right now but it could be possible with reasonable changes of the standard. Especially working out how many instantiations of a templated function actually exist and building up the vtable seems difficult if you consider the place of the virtual function call. Standards people just have a lot of other things to do right now and C++1x is a lot of work for the compiler writers as well.
When would you need a templated member function? I once came across such a situation where I tried to refactor a hierarchy with a pure virtual base class. It was a poor style for implementing different strategies. I wanted to change the argument of one of the virtual functions to a numeric type and instead of overloading the member function and override every overload in all sub-classes I tried to use virtual template functions (and had to find out they don't exist.)