Here's more about applications for Lion sent from John Carter. He explains, "I’ve heard people say that they will have to have two versions of OS X in order to run some applications that are no longer supported in OS X 10.7 (Lion). Any dual boot configuration really hampers your quality up-time and turns it into down-time while waiting for your system to reboot into the other OS. Enter VMWare. Reports have it that VMWare is better than Parallels for installing multiple versions of Mac OS X. I can’t say. But this solution should only apply for those PowerPC applications that no longer run in Lion such as MS Office for Mac and Quicken.
"I’ve gotten around the need for a dual boot configuration. One method is by installing Crossover. With Crossover, I can install a number of Windows applications without having to install the complete Windows OS. For now, I have Framemaker 6, Quicken 2010, eFax Messenger 4.4, and LibreOffice 3.4 installed under Crossover - and will most likely be installing other apps in the near future, specifically MS Office 2010.
"Similarly, Parallels for Mac 6.0 will install the complete Windows OS whatever version you like - on a Mac. All the Windows applications that you install will run on a Mac without a dual boot configuration. I am currently running Windows XP and Windows 7 as guest operating systems on my Mac without any problems of compatibility that sometimes beleaguer Crossover."
Here's John's conclusion for the dilemma: "So, for any of those Windows apps that people like to have, either Parallels or Crossover should be considered as opposed to any dual boot configuration. But if you're a gamer and want things to run native, then I guess you have to dual boot."