Intuit has finally released a Lion compatible Quicken 2007 for Mac. According to Intuit:
Quicken Mac 2005 – 2007 data files will automatically convert into the Lion compatible version. If you're currently running Quicken Essentials for Mac on OS X 10.7 Lion, and have previously converted from Quicken 2005, 2006 or 2007 for Mac, you'll be able to migrate your Quicken Essentials transaction data to Quicken Mac 2007 OS X Lion compatible.
Many Mac customers, frustrated that Quicken would no longer work on Lion moved to other financial software solutions (I moved to iBank). It is not clear whether Intuit is planning to offer an updated, more full featured version of Quicken for the future. According to macrumors.com:
Quicken 2007 was a popular personal financial management application for Mac, but instead of building upon the popular application Intuit elected to rebuild the application as a stripped-down Quicken Essentials for Mac. The new version was widely panned by reviewers for its considerable loss of functionality compared to Quicken 2007.
Here is a link to Intuit's Quicken for Mac OSX Lion page.