1st time I did not run into any problems with a new parallels desktop version. I had problems with the first versions of Parallels 4, 5, 6 but not 7. I have an iMac 17" from 2006 with 2Ghz Intel core 2 duo and 3Gb of ram. And the speed of windows 7 in parallels is fine if I install it on another hd then my mac os hd.
Just upgraded my 2011 13" i7 Macbook pro yesterday. Ran a few programs such as Matlab, Orcad Capture, Microsoft Visio and did not notice any performance issues. Also tested some USB hardware as follows: Link Instruments DSO-8500, Pickit2, MPLAB ICD3 programmer/debugger, and Cypress Miniprog3. All devices worked without issue except the ICD which was a little flakey, but it is like that on non-emulated as well so don't consider that a problem. This testing was all done in windowed mode using 32 bit Windows7 Pro. Also, USB sticks which were previously "bound" to the VM under PD6 connected and mounted without issue. Didn't test anything in the way of new features or Lion integration as it was getting late in the day, but so far it is good. MacOS was Lion 10.7.1 64 bit.