Parallels is super under Lion. Who, however, installed Mountain Lion (10.8), which looks into the tube: Parallels 6 is no longer bootable. The only chance to continue to work with Parallels is around 50 Euros, update trigger on Parallels 7. I think that is right on the border to blackmail, so here there's a star for the good functionality in Lion and the rest of the star due to the in my opinion, questionable licensing policy.
I do not need to purchase every year a new Parallels because I keep my MacOSX date.