For those who care, here is picture of Lion running in a Parallels VM on Snow Leopard. It took me a while to figure it out since the documentation from Parallels on how to do this leaves out several important details, and is actually sometimes misleading. For example, once you create the virtual machine and begin the install procedure, Parallels (inside the VM) asks where to "install" Lion. This is misleading because what it's actually asking is where to put the downloaded install files. This is important because unless you know that it appears that the installer is going to overwrite your Snow Leopard volume, which isn't the case and doesn't actually happen.