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)
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Looking for an easy way to drag a file into a hidden application? First enter Expose's All Windows mode by hitting F9, then hover over an application's window while dragging your file, pause for a moment (or press the Space bar) and that window will spring to the foreground enabling you to open the file within that application.
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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.