Parallels provides access to the windows partition now.
If you don't restart to boot to windows, that would mean that the Mac OS is still running, which Parallels does now. The latest betas for Parallels. also can use a Boot Camp partition (without rebooting). Some of the other methods of using windows also do not require a reboot.
I have also seen the rumors, and have also read that functionality (virtualization) is not one that Apple is developing. But, I don't work at Apple, and I don't really know. Apple will have some surprises in store when Leopard is actually released, more than they are saying at this time.
Wait and see.....