This is an issue I've been struggling with since I started using MVVM, first in WPF and now in Silverlight.
I use an IOC container to manage the resolution of Views and ViewModels. Views tend to be very basic, with a default constructor, but ViewModels tend to access real services, all of which are required for their construction. Again, I use an IOC container for resolution, so injecting services is not a problem.
What does become a problem is passing required data to the ViewModel using IOC. As a simple example, consider a screen that allows the editing of a customer. In addition to any services it might require, the ViewModel for this screen requires a customer object for displaying/editing the customer's data.
When doing any type of (non-MVVM) library development, I consider it an unbendable rule that class invariants be passed via the constructor. In cases where I need context-specific data for class construction time and the class in question is container-managed, I tend to use an abstract factory* as a bridge. In MVVM this seems like overkill, as most ViewModels will then require their own factory.
A few other approaches I have tried/considered included (1) an initialize/load method in which I pass the data, which violates the rule of forcing class invariants through the constructor, (2) passing data through the container as parameter overrides (Unity), and (3) passing data through a global state bag (ugh).
What are some alternative ways to pass context-specific data from one ViewModel to the next? Do any of the MVVM frameworks address this specific problem?
*which can have its own problems, like requiring a choice between a call to Container.Resolve() or not having your ViewModel container-managed. Castle Windsor has a good solution to this, but AFAIK no other framework does.
Edit:
I forgot to add: some of the options I listed are not even possible if you are doing "View First" MVVM, unless you pass data first to the View and then to the ViewModel.