Hi Badger,
I use Windows on my Mac. I use Boot Camp. I use Boot Camp because for work I need a full Windows environment. I also use it for playing some games, I mainly play old cheap ones which aren't available for the Mac or are still expensive on the Mac. I've never used Parallels or similar so I don't have any views on that. If you find that the software you want to use works well on a VM you should consider that because it would be lot more convenient than rebooting.
I don't think Parallels is likely to be smoother and better than using Boot Camp when it comes to running Windows. When you're booted into Windows your Mac becomes a Windows PC. If you are using something which makes heavy use of the graphics card (like 3D apps) then Parallels might not be the best option as I'm not sure it has what you might call 100% use of the graphics card yet.
The only advantages I think a VM like Parallels has is that it's a lot more convenient than having to boot into Windows and it makes it easier to access your files. When I'm using OS X I only have read access to the files on my Windows NTFS disks. When I'm using Windows I need to use an application called HFSExplorer (
http://www.catacombae.org/hfsx.html) to copy the files off my Mac HFS+ drives onto the Windows drives. That's a pain and I think Parallels makes it easier. You can also copy and paste between Mac and Windows apps I think. And I guess you don't have to dedicate a drive or make a new partition on your main drive for Windows.
I've run Vista 64, Win 7 64 preview and Win 8 64 preview on Boot Camp without any particular trouble. With Win 8 I had to sort out some driver problems (audio drivers and graphics drivers) but I think Apple will update the Boot Camp drivers once Win 8 is available and that should smooth things out.
As you're running Windows you will be vulnerable to Windows malware and such. I use Microsoft Security Essentials for anti-virus etc. It's free and I've been very happy with it, it doesn't bog things down at all. I also don't do a wide range of stuff using Windows. My web browsing is mainly work related, I don't do email and I don't install much random software :-). To the best of my knowledge I've never had a virus all the time I've been using Windows on my own computers, 16 years or so.
Regards,
Jo