If you're like me and unwilling to play WoW without all your customizations, then do not install Lion yet!
The system preferences pane is still there, but it claims the device isn't connected (even though the OS recognizes its input). It reverts to the default key layout, and will neither autoswitch or accept a manual switch to your application profiles.
Belkin's driver is years old, and Razer have yet to release a Mac driver. Damn ridiculous.