Yeah I was just going to say something similar to Voko. What Simon Bridge said is true, but there is a type of physical meaning you can have when it comes to eigenvectors/eigenvalues and it comes about in the following way.
When you look at how matrices operate on vectors to produce new vectors, the alternative to the eigenvalue problem is just some \tilde{A} \vec{v}_{1} = \vec{v}_{2} where \vec{v}_{1} is not in the same direction as \vec{v}_{2}. However, there are special direction(s) in which the vectors are in exactly the same direction (and thus we have the eigenvector/value equation \tilde{A} \vec{v} = \lambda \vec{v}.) The directions are really what's important here, it doesn't really matter what magnitude the eigenvector has, because you could just multiply both sides of the equation by a scalar. Now if there exists a number of eigenvalues (and thus number of "special directions" associated with the matrix operation) equal to the dimensions of the vectors, one can represent the vectors with basis vectors that are in these "special" directions (the eigenvalues can't be all in the same direction, they will span a space of 'n' dimensions where 'n' is the number of eigenvalues/vectors.) What does this do for us? It allows us to write the complicated multilinear vector function, \sum_{j}{\sum_{i}{A_{ij} v_{i} \hat{e}_{j}}}, as a simple linear vector function, \sum_{i}{v_{i} \hat{e}_{i}}, where the unit vectors are in the special directions (usually called the "principal directions" which are along the "principal axes"..)
When physics problems that involve matrix operations are represented in a coordinate system composed of these principle axes, the problem takes on its simplest form. The physics are the most direct and simple. There is a real significance to these axes, they denote the natural symmetry of the physical object being described by the matrix equation. They give you huge insights into the salient features of the physical geometry of the problem.
Let's look at a physical case. In the polarization of materials (let's say some crystal) by an outside electric field, the crystal usually polarizes more easily (well.. differently) in certain directions. The different directions are the principle directions and are related to the structure of the atomic lattice. If one represents the applied electric field in the principal coordinate system, then the polarization of the crystal can be found quite easily, it's a simple vector function like "\vec{P} = \epsilon_{o} \chi \vec{E}". Represent the electric field in some other coordinate system, such as cartesian coordinates that are not aligned with the principle axes and you get this monster: \vec{P} = \sum_{i}{\sum_{j}{\epsilon_{o} \chi_{ij} E_{j} \hat{e}_{i}}}. Note that \vec{P} is the polarization per unit volume of the material.