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i have also experienced this issue since upgrading to version 4. I keep looking for a parallels update that will fix it, but no luck. In my case, the problem occurs if i copy in the mac environment, then paste into the windows virtual environment, using either keyboard shortcuts (yes they are configured correctly) or contextual menus. In fact, whenever i try to paste, the windows application i pasted into crashes ("the program is not responding").
In my case, the problem clears up after i restart windows. But it recurs if i suspend and resume windows. Perhaps those people who haven't seen the problem aren't suspending windows.
I have a very basic windows xp installation, no quicksilver, i pretty much just use it to test websites in ie. It was never a boot camp partition, it was installed directly into parallels 2, then upgraded to 3 and then to 4. I noticed the copy/paste problem immediately after upgrading to 4.