MacUpdate bundle was 9th of may so I don't quite qualify, but I could give a little feedback:
+ there is a mode called coherence that (after some serious bugfixing) works like a charm! Setting up and running Your windows, filesharing right from the explorer (Your Mac drives appear as usual) and You actually have a fullsize Windows system additional to OSX... look at the description
http://www.parallels.com/en/products/desktop/features/coherence/... I think this is quite unique until now though I heard VMware is working on sth similar
+ I already got some of my games working in the parallels setup- being a great fan of Sam and Max this was the first thing running- but also some 3d first person shooters from last year worked fine... certainly for up to date stuff emulation is not the solution of choice...
+ You can use Your bootcamp partition with Parallels! That means: if You need full power windows (whatever that means), You boot windows, but if you only need to skip over to run that stupid program noone ported yet, You launch OSX and just load Parallels and shortly use it... this feature actually runs really well!
- sometimes switching between Mac OS and Windows is really slow- but once You're inside, You're in!- switching back is a charm of a millisec...
- My bootcamp partition was corrupted (as in: rendered unusable) after using Parallels in an older version-- but it never occurred in 3.0...
Hope this offers some perspective, chad and webwise ;-)... cheers!