A:AnswerYes, it will run your Windows application on a Mac without glitches. Bootcamp forces you to reboot and allows you to decide if you want to load Windows or Mac OS. Parallels lets you run both at the same time. Your Windows application will just be another window in Mac OS so you'll be able to easily navigate between them.
A:AnswerI purchased an older version but I believe they are delivered in the same manner. There is no CD, it is simply an access code you enter after downloading a software from Parallel's website (which is provided with the instructions in the box).