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I couldn't see the host through the VM like you said, so I opened your image in an editor to adjust the brightness/contrast, and I cannot see what you're seeing. It just looks like a regular window to me. No transprency.

I have an 11" MacBook Air (2011 MacBookAir4,1) with Thunderbolt. I've run Parallels guest OSs from a USB external before, and the lackluster throughput and latency (overall poor I/O) really kills performance. I was wondering if anyone has experience running a guest OS on a Thunderbolt external...