Hello, just want to pass on my experience: I downloaded Lion today with just a minor issue. Do not place the file into a new partition unless you want a partition with out your existing programs. Place the program into the same partition of which you have Snow Leopard.
After I installed the program I updated Cubase 6 to Cubase 6.03, which is the latest update to address Lion's Compatability with Cubase 6. All works well.
In addition, I updated my MR816 Audio Hardware to it's latest drivers. Without this hardware update the ASIO drivers are not recognized causing delays and complete fallouts. All works fine after both updates. Sooooo, if you, like me, were holding off before updating to Lion waiting for Steinberg's okay. Steinberg gives you the green light and so do I.