Here's why:
* Capitalization: "Patience" is capitalized because it's the beginning of the sentence. "It's" is a contraction of "it is" and should be lowercase. "PM" is an abbreviation and should be capitalized.
* Comma: A comma is used after "Patience" because it introduces a parenthetical phrase ("it's a virtue not often seen on the freeway at 5:15 PM").
* Apostrophe: An apostrophe is used in "it's" to indicate the contraction of "it is".
* Colon: A colon can be used to separate the introductory phrase from the main clause, but it is not strictly necessary. The comma is sufficient in this case.