Hot on the heels of the release of VMWare Fusion 3, the folks at Parallels have released Parallels Desktop 5, matching the features of VMWare Fusion 3 and adding some new ones to boot. You can get a quick overview of the newest features in the Parallels press release.

Parallels Desktop 5 costs $79.99 for the full package, or $49.99 to upgrade from either Parallels Desktop 3 or 4. Parallels is also offering a free upgrade key for those who bought Parallels 4 after Oct. 1. This is also valid for Parallels 4 purchases up until Dec. 31. Customers must retrieve this before Jan. 15, 2010.

Besides the obvious two features, fully supporting Snow Leopard and Windows 7, some of the awesome new features are best shown in screenshots.

Finally we have the Aero interface! This works in all view modes, not just full screen.

When in fullscreen mode, you can now configure a HotCorner to easily switch back to the OS X side with just your mouse.

The new Crystal View is a modified Coherence view, hiding all icons in the Dock and the OS X Parallels menu bar, moving access to menu ite