Parallels has released Parallels 3 Beta Build 5570, it’s available from their beta download page.
Most of the improvements over the previous beta center around Leopard compatibility. I’d been having problems with Parallels under Leopard which had driven me to start using VMware Fusion almost exclusively. Most of my really annoying issues have seemed to revolve around Spaces in coherence mode. The release noted mention “multiple problems” in this area have been fixed.
The release notes (included in the download DMG file) lists several known issues that remain in build 5570. Some of them, such as “BSOD on resume” are rather serious and could result in data loss others are relatively minor.
So, I’ll be installing the updated beta and taking it for a spin in the next few days.