I just upgraded to Mountain Lion and all of the links in the Parallels Folder, in my Dock, do not work. I get the message "There is no application set to open the document "ProgramName"."
OK, I think I've cleared the problem up. If you exit Coherence mode, load any program in windows, then re-enter coherence mode, all the links start working! Loading one program this way was all it took to get all the shortcuts working.
I did get it working again - these are the steps I took:
1 - Disabled "Show Windows applications folder in Dock"
2 - Disabled "Share Windows applications with Mac"
3 - Completely shut down my VM
4 - Reinstalled the latest version of Parallels
5 - Started up my VM
6 - Shut it down again (not sure if this was necessary to get it working...)
7 - Re-enabled "Share Windows applications with Mac"
8 - Re-enabled "Show Windows applications folder in Dock"
9 - Re-enabled "Crystal Mode" (got disabled when disabling things at the begining)
10 - Restarted my VM again
It was a lot of steps - but it's working now...would be nice if it didn't break again...