Parallels Desktop for Mac 7 on Mountain Lion Dev Preview 1
I'm giving up on Parallels for now, it wasn't realistic to have any expectations about virtualizing on Mountain Lion. It just came out, what, 2 days ago?
Having said that, I am pleased with my Mountain Lion experience so far. None of my other software broke under this Dev Preview 1, except for Parallels ironically. Even Dropbox is working fine, although its integration within Finder is less obvious, since the little dynamic icons no longer appear (but it syncs just fine!).
I don't develop much, but I test a lot, and I would love to have a Parallels Desktop fix to virtualize my Windows guest OS. I think that one of the gentlemen who posted above found about 2 or 3 extensions or parameters that may impact on Parallels working or not. Seems simple enough to fix. Mountain Lion isn't even all that different from Lion, it's certainly not a 'major' upgrade like Leopard was to Tiger, and to a certain extent, Lion was to Snow Leopard.
Please work your magic at your convenience, Parallels dev.
Go Parallels team ;-)