Your frustration is understandable, but I wouldn't blame X-Rite. Lion is such an unholy mess full of so many bugs of all kinds Apple can't fix yet that I feel sorry for any and all developers having to bring out anything compatible with Apple's latest offerings.
Maybe when Apple gets around to 10.7.6 or 10.7.9, or so…
Wo Tai Lao Le
X-Rite support got back to me via email this morning, saying they'd been told the update should be released this week. I am enjoying Lion overall, in spite of the rough edges. Of course, I'm not doing production work these days.
Update: X-Rite finally delivered a non-beta Lion driver for the i1Display2 yesterday (Lion was released July 20!). I fired it up and profiled my 30" Apple Cinema Display, only to find that the software, i1Profiler D2LionEdition, is junk. The profile it created is so bad as to be useless. At this point, I have to wonder if X-Rite has dropped the ball. Aren't they supposed to be color experts? Perhaps they are trying to force an expensive upgrade? I emailed customer support with my complaint. Then, I went to the ColorEyes Display Pro web site and saw that they are still trying to develop a driver for Lion. I had profiled my display under Snow Leopard some time back, with a 10 day demo of their rather expensive software, and to my eye, ColorEyes did a far better job than X-Rite's i1Match ever did. Is there something about Lion that is making things difficult for these pros to write drivers? There must be! ColorEyes has an apologetic page up with a vague statement that the problem is an Apple bug, and they are waiting for a fix from Apple. They advise production systems to stick with Snow Leopard.
Update - After a troubleshooting session on the phone with X-Rite support, it appears the i1Display2 device itself has failed. This is after a few years of very light use, mostly sitting in my desk drawer. Of course, it's out of warranty. I asked them if they would replace it anyway, and am waiting for a response. The device cost over $200 and was used maybe 20 times.