sers wrote:
...My fear is it will overly slow my system down & overly constrict the available HD space. Do either of these fears ring true to you?...
On my 2011 Mac Mini (5,1) with 2.3 GHz Core i5 with 8 GB RAM, I notice no slowdown on my other concurrently running Mac OS X Lion based programs.
On my 2009 MacBook Pro (5,5) with 2.53 GHz Core 2 Duo with 4 GB RAM, I notice that it is slowing down concurrently running programs, but I am confident that an upgrade to 8 GB RAM would solve this problem.
After you install Snow Leopard into Parallels, you will find a Mac OS X Snow Leopard.pvm file in ~/Documents/Parallels/ at about 15GB large. This file will increase as you install more applications into Snow Leopard.
I always advise everyone to NOT save data within the virtual environment, but use the Shared Folder and/or Apple File Sharing to store, access and modify data within your real Lion/Mt. Lion environment (which presumably is also backed up by Time Machine or whatever other system you use for backup). So this will not increase the size of your Mac OS X Snow Leopard.pvm file.
I have been advised that Eudora is an example of a PowerPC program that must store its data within the virtualized SL environment; but I do not personally use that program.
You can always try the 14 day trial version of Parallels and if you do not like it, you can easily delete the Mac OS X Snow Leopard.pvm file to restore the space to your hard drive:
http://trial.parallels.com/index.php?lang=en&terr=us
Also, you can move the Mac OS X Snow Leopard.pvm file to an external hard drive, double click it from there to install into Parallels (Click on NEW when the dialog box appears) and then delete the old file to restore your primary hard disk space. However DO NOT disconnect the external hard drive when Parallels is running. I also strongly advise keeping a backup copy of the original Mac OS X Snow Leopard.pvm file stored somewhere, so that you do not have to repeat the installation process if corruption arises.
Good luck!