I gave the Parallels Workstation a run for its money on my MacBook Pro this evening. It failed the 10-minute test because it took 45 minutes just to install Windows. Beyond that, the networking doesn't work and you can't full-screen the application window. It's not included in the free beta download. I think I'll just continue using a 2nd Windows box instead of making my MacBook Pro a 2-n-1 machine.
Update: The Beta 2 and Beta 3 solve these issues. However, I'm unable to install WebLogic 9.1 on either of these. I get a nice "could not extract the archive since it is corrupted. Error code = 2" error from the installer. Luckily, I found this howto for OS X. The same Windows installer works fine on a real Windows XP box.