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Interesting...but that may be a different issue than what I'd been trying to describe - which pertained to a Snow Leopard VM. Still, I'll check...
Fantastic. After hours with chat and phone support I finally got a "those keys don't work in an OS X virtual machine" answer. Color me stunned.
The basics: Snow Leopard host OS, Snow Leopard Server guest OS under Parallels 7. Latest software all around. I'm sure this is a pretty simple...