Migrating Parallels to a new Machine

Yes there is! The Unofficial Apple Weblog has dedicated a whole topic about moving your copies of Parallels.
Basically it's just a matter of copying your Parallels folder to the new Mac. The only thing you need to do, besides moving the folder, is reinstalling the Parallels Tools.

With Parallels Desktop 6 and 7 this has been made even easier.

• Install Parallels Desktop on your new Mac
• Copy the complete PVM file to a folder on the new Mac
• Register and run Parallels and select File -> Open
• Select the moved PVM file
• At the Parallels prompt specify whether you copied or moved the file

The latter will generate new GUIDs for the file to ensure that it doesn't clash with any existing VM's on the new machine.

PS: Even easier option once Parallels is installed:

• Double click on the copied PVM file. This will launch Parallels and shortcut the above process.