Update
Folks, incase you haven't seen there is update posted at: http://parallelsvirtualization.blogspot.com/
The part I was interested in was this:
"If you updated your build and tried to launch Parallels Desktop from the original shortcut icon your placed in your dock or on the desktop, you will not be able to load Parallels Desktop properly.
You MUST either run this beta build of Parallels Desktop directly from your Applications folder, or delete the original shortcut on your desktop/dock and replace it with the newer one that appeared in the Parallels Application Folder. Parallels Desktop is located at Macintosh HD -> Applications -> Parallels -> Parallels Desktop."
I'm at work and haven't tried this... Anyone have any luck not getting Panic's using this solution?