doesn't mean what you think it means
I'm using:
PD8
Mac OS X 10.8.2
Windows 7 Home Premium virtual machine
Maclook
Coherence.
The wording doesn't seem quite correct for the Preferences->Shortcuts->System Shortcuts->Send system shortcuts.
The default option, "On Condition" says, "Mac system shortcuts (cmd+Tab, Dashboard, Mission Control, etc.) will be sent to your Mac OS X virtual machine only when it is in focus. Otherwise they'll be sent to your Mac operating system." The Help information contradicts this by saying, "If you're working with Windows, system shortcuts that don't function in Windows (for example, Control-Up Arrow button to display Mission Control) trigger functions in OS X.." So, from experience, the Help seems to be more correct: Cmd+Tab still switches Mac tasks, Ctrl+-> still switches destops, etc.
Next, the "Always" option says, "Mac system shortcuts (Cmd+Tab, Dashboard, Mission Control, etc.) will be sent to your virtual machine." The Help says, "When Windows or Windows applications are active, function keys and other system shortcuts always trigger functions in Windows." This seems to fix my issue where I really like using Ctrl+Left and Ctrl+Right to navigate through words in my Windows text editor. However, the function keys on the Mac keyboard still perform their duties as per their icons, and not as function keys. So "Always" is actually the only option within Parallels that partially solves my problem. I would still actually like to use Cmd+Tab to switch applications, but "Always" turns that off, while somehow leaving the Function keys alone.
The "Never" option says, "Mac system shortcuts (Cmd+Tab, Dashboard, Mission Control, etc.) will be sent to your Mac operating system, not the virtual machine." The Help information corroborates this, "Function keys and other system shortcuts always trigger functions in OS X." As far as I can tell, this behaves exactly like the "On Condition" option.
So how about using profiles? It thought I might be able to create a shortcut mapping. So, under the VIRTUAL MACHINES section in the left-hand pane, I selected my Windows 7 profile. I then added a shortcut that allegedly maps "^->" (From Mac OS X) to "Ctrl+Right" (To Windows). This apparently has no effect. I even tried it while not in Coherence in windowed and full-screen mode with no effect. The key combination still "Ctrl+Right" switches desktops unless "Always" is selected.
If anyone has found any fixes for this, it would be much appreciated!