Parallels has announced that they are a week or two away from releasing version 3.0 of their VM product, and this update is going to be a serious one, with more then 50 brand new features.
The new version will allow your preferred application handlers to work cross-platform. That means you can open URLs in IE7, mailto: links in Mail.app, or .xls files in Excel 2007 to name a few. Parallels also auto backups up with system snapshots, browse through Windows folders, without launching Windows, but the most notable feature is now limited support for 3D graphics.
To upgrade to version 3.0 it will set you back $40 before June 7 and $50 after that.