Put simply is that ray-tracing is a per-screen pixel ray which is quite good at glossy surfaces with predictable lighting and plastic appearance. Radiosity, on the other hand, simulates actual light photons/waves. It is slower and more computational intensive, but it produces far more realistic results. In particular, it is good at lighting/shadowing, and is more directly applicable to rendering non-plastic surfaces, including sub-surface scattering (like flesh or hair).
All that said, REAL modern renderers, are wacky hybrid of every technique :-P
The primary trick used to parallelize radiosity is to partition the scene spatially. Treat the virtual polygons which separate the rooms as light absorbers. When the room is finished with all of the available light, send the light absorber across the bus as light emitters to the other processes rendering the other rooms. Iterate back and forth until the light absorbers absorb under a threshold of light.