Apple released 10.7.2 yesterday. This update fixes the problem they caused with the Media 100 i codec, so if you held back from Lion because of that issue, you are free to use it now. Remember that all your other software and hardware must be Lion-ready.
They have not fixed the codec problem in 10.5 or 10.6.8, and we don't know when or if they will.
(The Media 100 i codec problem causes "bad frame" errors and black video playback for NTSC 601 media.)
Media 100 Suite v2.1 is the only release compatible with Lion.
Thanks for the info.
I was wondering what the word is on the Sony software you use to import SxS cards. I have been holding back on Lion until that was ready and working, using the old version of XDCAM transfer called by M100. I know there is a new unified version, but does it work reliably? Does M100 call it for the import process?