Boot camp is a complete boot into Windows (insert version of choice here). Parallels and Fusion allow you to run Windows on your desktop within OS X. Sans full features of DirectX. (gen.)
Parallels 4 has implemented many, if not all, DirectX 9 features.
In my post, I stated "Sans full features of DirectX. (gen.)"
Sans meaning, less or not including, the FULL features of DirectX. Followed by (gen.) meaning it was a generalization. I didn't say it had NO DirectX features, I stated in a generalization, that is does not have the full feature set.
Let me clarify: Parallels does NOT have the full feature set of DirectX 9.0c. You only partial Shader 2.0 support. Same deal with Fusion although Fusion's implementation is faster.
...K?
@OP: Fusion is still the better product and is made by the company who have pioneered the best virtualization engineering to date: VMware.
Does Parallels 4 support proper dual screens in Windows now?
Yes.
So I can use something like PowerPoint (with presenter screen), EasyWorship, or MediaShout with no (or few) problems?
I use a second monitor on my macbook pro often with parallels, I put windows up on the second display in fullscreen mode and work in Autocad2008 while I have my mac-side work on the other screen for textures and outlines and things.