Parallels has not updated to the newest version which is on the website dated January 18, 2010, while I still have the one from December. I have auto update set to check every day, and a manual update check within Parallels provides no result. Attached is a series of screenshots proving this behavior:
The fastest way to update is to download the relevant image from the Parallels website (mind you select the correct language). Go ahead and install, it won't damage your VM, and it will honor your serial number.
I do understand that, but the point of an auto-update is to, well, automatically update so I don't have to do it myself. And to have the program report that it is the current version when it is clearly not sounds like a bug to me.