I just (I know, finally) installed beta 4. I already had beta 3 installed. At any rate, when going from beta 2 to beta 3, I seem to recall the beta 3 installer saying it would "upgrade". Beta 4 over beta 3 doesn't seem to-do this.... the installer seems to think it is a clean install. Just wanted to mention it.
I had a similar problem. I don't think I ever rebooted after the beta 3 install. When I installed beta 4 it looked like it was doing a clean install. The installer caused the system to completely hang. I rebooted (hard reboot) and ran the installer again. This time it did the appropriate beta 3 -> beta 4 upgrade.
Thanks for posting! I did do a reboot though between 3 and 4 so I think our experiences differ. I haven't encountered any problems yet so I guess all is ok - we'll see. There are two receipts for Parallels in Library\Receipts though.....