I installed beta4, then upgraded to beta5 and latter beta6 (after the wireless hotfix was already released, build appears to be latest). I used brideged ethernet initially but latter decided I would like to try using host-only. I found this option is grayed out after installing beat6. I tried creating a new VM in case there was something bad in the profile, but found it still grayed out. Any ideas? Bridged is great for home and work, but when I travel I don't want the VM session exposed to the world. I don't exactly have confidence in the XP firewall.
I installed Security Update 2006-003 and Quicktime 7.1 from Software Update and allowed my Macbook Pro to then reboot. When I opened Parallels after that I see that the host-only option is now available and when I select it and boot up Windows XP it appears to work. I have no idea what the problem was but it has now fixed itself in soe way.