There are three issues here.
One is that there are changes needed in Media 100 Suite in order to run under Lion. We are beta testing those changes now. If you need it now for whatever reason, contact us and we’ll get you set up.
The next is that Lion has broken the Media 100i codec in NTSC. Today’s 10.7.1 update didn’t fix that, unfortunately. If you don’t have any legacy media in that codec, this doesn’t affect you.
The last issue is that your other hardware and software have to be Lion compatible as well. This partially relates to #1 as we have to make sure the hardware drivers for AJA, BlackMagic and Matrox still work for us, but also you have to make sure the rest of your workflow is ready. Obviously this one is up to you.