it may seem odd but actually it's not as that is the latest RAID Admin version. The version listed on the download file itself does not accurately reflect what it really is once it's been installed.
The latest RAID Admin application (1.5.1) crashes - never a good sign - as soon as it's launched on any 10.7.3 machine I install it on with no real indication of why in the crash log. In fact the crash log is sparse in detail. To me this indicates either a problem with the OS (doubtful on the machines I'm using) or the application is probably not supported anymore?
Older versions won't work at all as they require Rosetta.