A newer version of Parallels Desktop is available.
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Full user review
"VMware fusion has up the ante."
Fast, stable, easy to use, good feature set. The same can be said of VMware fusion.
Cannot run client versions of Leopard, Snow Leopard, or Lion. This you can do in VMware fusion.
It's already time for parallels to update this software, to put it on par with be VMware fusion.
As of now, with the ability to run client versions of Leopard, Snow Leopard, or Lion in VMware fusion beats parallels.