Parallels has announced the release of Parallels Desktop 7 for Mac, a new version of their virtualization software that enables OS X users to run Windows and other non-Apple operating systems side-by-side along with OS X. It goes into general circulation on September 6 for $79.99, but existing customers can upgrade now for $49.99.

Among the new features is support for and integration with OS X Lion. Lion’s LaunchPad and Mission Control can display Windows applications. Lion can also operate as a guest operating system. iSight and FaceTime HD cameras work in both Mac and Windows apps, and users can allocate up to 1GB of video memory.

Graphics performance has been improved with up to 45 percent faster 3D graphics rendering, and Windows start, stop and resume functions are up to 60 percent faster in the new release, according to Parallels. The company also claims that file copying within Windows is up to 120 percent faster than its competitor.

Parallels Mobile, the app that lets you access Parallels Desktop content through your iOS device, has also been improved, with copy and paste support, audio, and other new features.