I use the Windows MC in Parallels regularly on my Macbook Pro.
It does not perform quite as well as it does on "bare metal" of course, but it is certainly adequate for most "regular" usage. Video and audio playback and whatnot.
There are some audio mode limitations. And, I strongly recommend upgrading to Parallel's Desktop 9 (the current version) as they now have some very nice Fullscreen options that impact using MC in Display View for video. If you'll be connecting to a remote Library Server, you also have to ensure your network settings in Parallels are configured properly for the VM to be a "full network peer" (basically, you'll typically want to make the VM's network connection Bridged instead of Shared).
Also, my Macbook Pro is a Sandy Bridge 15" with 16GB of RAM, and 512GB SSD boot drive. I allocate 4GB of RAM to the VM and the VM's image is on my SSD. If you're running on a machine with lower specs, you'll see worse performance. In particular, the SSD is important for performance.
Other than those little details, though, it works VERY well.