Just updated Parallels to 5.0.9310. Booted up Windows 7 successfully, installed updated Parallels Tools, rebooted, and first got a message telling me that Windows Genuine Advantage has detected that I was not running an authorized copy of Windows (not the case, by the way). Chose to register later with Microsoft to resume the boot, but the screen was nothing but black. Closed the session and booted it up again, and this time just got the black screen. What's going on?!!
9344 Update Had the same problem with saying I don't have genuine Windows which is crap--because I've been running fine and installed straight from MS months and months ago. Also can't install Parallels Tools. This update is a major turd.
I had a somewhat similar experience... the first boot after installing the updated Tools took quite a long time, including the Genuine Windows check and a rather lengthy "black screen" session. After a few minutes (may have been 5) things went back to normal. No subsequent issues here.