Got Lion at work with Photoshop CS 5.1 Extended (12.1 x64 mac)
Got Lion at home with same Photoshop version.
Saved my keyboard shortcuts (.kys file) from the computer at work.
Put it in the same place at home, selected it it Photoshop...
Whyyyyyy, oh why?
Got a clue?
Hi! You did place it on the user/library folder, not the main one?
Does it show in the menu, once the file has been added in the folder?
Does the modified shortcuts show in the list?
Can you try to modify it, and save it again?