Just an update,
Ran VDJ 7.0.4 with video for about 4 hours so far, no performance changes positive or negative over snow leopard. Not one hiccup. I also had open a few other things Windows 2008 Server running on parallels, MyDMX running on the Win 2K8 VM. Firefox, iPhoto, and i Movie. VDJ ran like a champ.
The VMS4 also ran great, with no issues caused due to Lion (Lion doesn't fix anything, neither does it break anything).
15" 2011 MBP
i7 Quad 2.0