Do the "Power Off" or "Suspend" options use ACPI to notify the host OS? In particular I'd like to be able to use the Power Off button to send a shutdown event to the guest OS so it can shutdown cleanly before the VM stops.
ACPI is not supported in current version of Parallels Workstation 2.1 due to system bios limitations. We are currently work on this support and it will be included in future versions of Parallels Workstation. At the same time we are able to send notification about such event as "Shut down" to guest OS even without ACPI - for example using Parallels Tools as a agent. This feature is already in our roadmap.
ACPI support needed to boot ViSTA ViSTA (beta) will not boot complaining that the " ... (BIOS) is not ACPI"