I have exactly the same problem with 3.x, and I'm going to need to backrev if this can't be resolved relatively soon. I am not particularly disappointed with 3.x's speed, and it's not hammering my laptop inordinately, but this cutting and pasting from VM to Mac and vice-versa has got to get fixed quickly. I'm losing a lot of valuable hours in workflow, and I can't bill for them.
Granted, the product was inexpensive, less than an hour's worth of my time, so I don't mind dumping the investment, but it's a bit of a PITA to go through that.
Also, can I back-convert my VM? I'm not really worried about data on the VM, because I use files off the shared host drive exclusively, providing me a pretty seamless Mac-->XP-->Mac experience, but still.
Peter