I am happy to report that SMART Utility is for the most part compatible with Lion. All functions seem to work, except the menu extra. That was to be expected, as the way it was implemented breaks with every OS version. However, thanks to work of bjango (makers of the excellent iStat Menus, which I use) to make MenuCracker Lion-compatible, SMART Utility and its menu extra will be fully compatible with Lion.
Version 3.0.2 will use the new MenuCracker, and that should be due out before Lion is released. On the horizon after that, is version 3.1, which will bring more user-requested features, such as email notification. That version will be out in a few months.