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Finally stumped up for a support call with Parallels, and the issue is now resolved. First, as suggested above, they reinstalled Parallels...
I've tried that in the past, and ended up in a loop where I would validate in Boot Camp, then boot into Parallels, and validate again, and then...
The latest build of Parallels 5.0 (9370) claims that MS Office 2010 activation is preserved under Boot Camp. I have Windows 7 + Office 2010 in...