VMware Fusion 3 works for me, though I have only tried using a Windows XP VM myself.
btw, I did a fresh install of vmware on Lion and did not copy anything other than the XP VM from Snowleopard)
Parallels doesn't work, but I can confirm that I have Windows 7 up and running with VMWare Fusion 3.1.2. Just don't install MacFuse, that gave me issues.
I somehow cannot install guest OS using VirtualBox 4.0.8 on my Macbook Pro 7,1 with Lion 11A459e.. anybody got the same issue?
Parallels also failed to install guest OS. VMWare running fine so far.
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