Parallels has released Build 5580 for Parallels Desktop 3. It’s a release candidate for their Leopard compatible version. Since it’s still beta software it won’t appear in automatic update.
Parallels hasn’t run well for me since upgrading to Leopard so I’ve been installing the betas. The previous release, Build 5570, was basically unusable for me, but so far this release seems stable. It starts in it’s assigned Space and is doing what it’s told.
The Parallels Tools install started automatically the first time I started my Windows XP virtual machine. A reboot was required.
I haven’t used it enough to even consider calling it solid, but I am able to use it in Coherence Mode and assigned to a specific space. It’s only been a couple hoours without a problem, but that’s about 119 minutes longer than build 5570.