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It all worked for me! Let's hope we don't end up going through this particular hoop again!!
To clarify Abdul's comment:
It is a 362MB update.
1. Shutdown your MacOSX VM
2. Update //s (via Parallel Desktops -> Check Updates)
3. Restart your VM and use Desktop Sharing to login. The black screen bug is dependent on //Tools, so you need update that.
4. Run //s Tools Update on the VM lower right hand corner (the icon would be colored blue). (Only click once or there will be multiple instance of Parallel's Installation Agent running).
5. Reboot //s as instructed.