I decided to give Parallels Workstation a try since I am back to carrying two laptops for work once again. Parallels Workstation beta 6 installation was smooth and performance is decent for normal office tasks (email, word, excel, IM, browsing).
However, in its current beta state I cannot use Parallels Workstation as a viable alternative to a Windows laptop. USB support is still very limited and I am unable to get a Windows Mobile device to be recognized by the VM. Until USB devices work reliably, I won't be able to use Parallels Workstation as my work laptop.
iSight also does not work with the beta 6 release, maybe because Apple has not provided Windows drivers for it yet (it also does not work with Bootcamp). Getting iSight to work would be very high on my list - as it would finally enable me to hold VC calls with my business colleagues (MS Messenger users).
All in all, I can see this product maturing into an essential tool for Mac users - giving us the best of both worlds. Can't wait for the final product.