And apparently, Notebook 11 will have increased support and compatibility with 500 series boards with Macs running Lion. Now that’s good news!
Whilst I am not the greatest fan of Smartboards, they certainly do have good customer service! After sending an email to them in Canada, asking of OSX 10.7 Lion would ever really be supported, they emailed me back to inform me of a soon-to-arrive Notebook 11 software. Amongst its other features, it has full Lion support (yay!). Hopefully they will still support 500 series Smartboards too, but that may just be wishful thinking on my part.