Me too, for the record …
I upgraded to the latest build (v4 3810) today and I, too, am still having problems with the smart mount feature. I have aliases to frequently-used servers on my Mac desktop, and when I booted up the latest version, Parallels once again tried to mount all these drives on the Mac desktop (despite some being unavailable), and despite smart mount being turned OFF.
I'm using a fully-patched Tiger (v 10.4.11) on an iMac Core 2 Duo 2.16Ghz, 2Gb RAM, and over 150Gb free hard drive space. I upgraded from the latest build of version 3 (build 5626).