A month and a half after the initial release of Mac OS X 10.7 Lion from Apple, Parallels Inc. has released version 7 of their virtualization software, Parallels Desktop. Touting over 90 new features, the update includes such Lion-specific capabilities as support for Windows applications in Launchpad and Mission Control, as well as full-screen support for Windows applications. The update also includes a new look and feel, improved virtual printing, support for iSight and FaceTime cameras in both Mac OS X virtual sessions and Windows sessions, support for 7.1 surround sound and a new 5.1 sound driver, faster network access, improved graphics performance, better power management (meaning improved battery life for laptop users), and access to virtual Windows and Mac OS X sessions from the newly released Parallels Mobile app. ($79.99 new, $49.99 upgrade, $39.99 student edition, free update for purchases after 1 August 2011, 275 MB)
Keyboard-based Dock Navigation
If you're a fan of keyboard shortcuts and navigation, you may want try accessing the Dock from your keyboard. Press Control-F3 to enter the Dock's keyboard access mode. Then you can press a letter corresponding with an item's name to select it; press Return to open it, Command-Q to quit the selected application, or Escape to exit keyboard access mode. You can also use the arrow keys, Tab key, and other keyboard navigation keys to toggle between the Dock items.
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Parallels Desktop 7
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(there is a thread on the Parallels Forums, titled "Problems with Parallels 7")
Besides this, Parallels 7 seems to be working great under Lion and feels a bit faster then the previous version. And as I don't reboot my Mac that often, the issue is only a minor inconvenience.