Well with a bit of effort and luck and some very, very thorough WP guides I managed to get the new WP 3.01 multisite up and running. Also managed to get a parked domain functioning on it.
Now maybe I missed something along the way as far as getting the parked domains url to be used.
So: parkeddomain.com is forwarding to parkeddomain.rootdomain.com which is its subdomain directory on the WP install.
Is there any way so that the urls displayed and/or used on the WP subdomain are actually parkeddomain.com ?