Did the Time Machine thing first, on the MBP and installed Lion, all ok so far, two days in. You need to upgrade Parallels to Version 6, I have and it's fine. My download only took a couple of hours, mind you it was early morning. Will continue to run on MBP for a while before upgrading the Desk Top Mac. No crashes so far, Safari is now blindingly fast on MBP, boot up and shut down are faster too. No problems with Office for Mac 2008.