If you are on a 3,1 or later, better off to flash with EFI.
If on a 1,1 or 2,1 then you just need to make sure ATY_Init is Lion version.
He hasn't changed much in it, not sure why everyone thinks there are multiple versions. If you have DVI displays plugged in, HDMI may not work, or maybe it won't work in your machine.
The cards function in 1,1 and 2,1 but they work much better once flashed and in a 3,1 or later.
It's a 1,1.
I am on Lion but had to install it separately for Steam, DVD player and some games to work properly. And yes, I was indeed hoping that there were multiple versions with different edits.
I will eventually use Chamaleon to have Lion work full 64-bit, so no need to flash it, I guess.