In Microsoft Vista license you'll read that using the system via virtualization or emulation is restricted to Business and Ultimate versions only. Doing it with more limited, cheaper versions will contradict their license policy. So if you do it nevertheless, it will be illegal, despite your buying this license.
Of course, this information has upset people at Parallels for who it is some kind of discrimination for those who'd want to use their software and Vista on Mac OS X or Linux.
Another issue if you decide to use Vista with Parallels: you won't be able to use any contents requiring the use of DRM managing layers, as they will be deactivated. This is easier to understand, as Microsoft might fear virtualization would allow "listening" to those systems while they work, and therefore lead to bypassing them.
For those who'll absolutely need this system, it's still possible to install it on another hard drive, or another partition via Boot Camp. In that case, as boot will be native, the software should work normally. But at the expense of the flexibility that Parallels had brought to our user experience.
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