Update Paralles Build
I had the same problem. Updated the build to the current one (Build 6.0.12094) and it now works.
Running Lion right now, fronted of Parallels works, once you start the VM you get a message about hardware being disabled and must be enabled in the BIOS, you skip that, then you get an error saying that the Parallels driver cannot be loaded and you must restart your Mac.
Essentially, no, it doesn't work.
I had the same problem. Updated the build to the current one (Build 6.0.12094) and it now works.