Right, I've finally managed to get it running - but it is not yet fully functional as I am having a go at installing Parallels Tools for about the 5th time.
What happens is the VM opens (now correctly) and I've got the desktop very much as I had it when using PD3 (because that's what suits me - in XP I turn all the bells and whistles off and select Performance rather than looks).
When I select Install Parallels Tools, the machine 'downloads', 'opens' but then it seems to hang - I'm not sure it IS hanging as there's a fair amount of disc activity going on - which seems odd as it's a Virtual Machine - unless it's accessing the disk for the software tools it's trying to install.
I must say, I always had a problem when selecting Full Screen on PD3 as the screen resolution dropped back to 800x600 and I had to manually reset it up to 1400x900 - that has gone and it works a treat.
I have also had issues with trying to get control of the mouse/trackpad (MacBook Pro). It's possible that is me and a fair dose of incompetence.
I must say, my feelings echo those of others who are saying this upgrade is difficult - it has been for me, although I did get help pretty quickly (in fact almost instantaneously from Parallels - for which I thank them).
My 'gut' feeling IS that this release will be brilliant once any bugs or setup problems are resolved. I suspect that I must take some responsibility, but it isn't all me.
On the initial running, it spent about 15 minutes 'converting' my VM XP.hdd file, only to turn around and say it couldn't. It then shows a link to Parallels that is supposed to help, but it didn't help ME much as I didn't know WHY it wouldn't convert (it doesn't tell you).
That happened on several occasions and so I used the Parallels Transporter method and selected my backup hdd file (which I copied and pasted back into where it came from). PLEASE DON'T TRY AN INSTALL WITHOUT BACKING UP FIRST. I copy my whole VM onto an external hard drive once a month anyway.
NO, Parallels tools have failed to install again. Not sure what to do about that one.
Watch this space . . .