Xeromos has uploaded a quite a few new SF4 movies. The one embedded on this site shows how you can use a Saving Attack as a sort of parry. VERY cool. These videos are done in the typical shakeycam style, but they're nice to watch.

Word on the street is that pressing Toward Toward (Dash motion) will cancel the offensive part of a Saving Attack, effectively letting you parry it.

You still take a small amount of damage after a successful Save, but this can be regenerated over time. Very, very cool.