2.1 WinXP VM comes up with blank screen on 2.2 beta

After installing Parallels 2.2 beta on Windows XP, I opened a Windows XP VM created with Parallels Desktop for MAC that was subsequently modified by Parallels Workstation 2.1 running on Windows XP.

When Windows XP came up in the VM, it displayed a blank/black screen. To work around this, I reset the VM and restarted XP in the VM in VGA Mode. I then installed Parallel Tools to upgrade all of the VM device drivers. Once this was complete, I rebooted the VM and video was back up and running normally.