iOS 5 and OS X Lion are not supported at this time. Support for OS X Lion, will be available on release date, July 14th. iOS 5 Support, will be available on release date, September 7th, in accordance with the iPhone 5 Keynote.
The funny thing there. I told someone on Tuesday that Lion would probably launch on July 14th. Imagine that? Last year, the September keynote was a week early, the week of the August-September transition. I suggest two dates: August 31st or September 7th and the physical launches a week later.