No - it exists because Parallels created application shortcuts to every windows app in the VM, and then when the machine upgraded to Lion, each of those short-cuts became icons in Launch Pad. the only way to avoid it is to instal Parallels so it does not create the OSX short-cuts.
Yes, it did this because you run in Coherence mode. Not sure about the upgrade to Lion issue, but its through Coherence mode that you get those shortcuts. Have you tried using a different mode? Running in Full screen or Window mode would change this.