Parallels has dropped a new version of their beta release, and it looks good. In addition to a Coherence improvement that now lets any Windows window appear in full preview style on the Dock (as well as show up in Exposé), Windows and OS X can now share the contents of their home folders. That is really awesome-- now, your My Documents and Home folders can share exactly the same contents, so you don't have to worry about where things are being saved, or whether one OS can access the other's information. Finally, it really is like running two operating systems on the same computer, because you can access the same files in the same places in both OSes.
Very nice-- this is exactly the kind of stuff people were dreaming about when Apple switched to Intel. The new beta2 for Parallels 3.0 is available for free download with a 3.0 license, and you can get it right here.