Currently Being ModeratedMay 8, 2012 10:01 PM (in response to zentram)
Download AirPort Utility for Lion here: AirPort Utility 5.6.
Do they ever die... yes, but 99% of failures are accompanied by a dark LED. With an odd problem like yours I think a "hard reset" is justified. Press and hold the tiny recessed reset button for a long time - a full ten seconds - until the LED flashes amber rapidly. If you reset it properly the Express's SSID reverts to "Apple Network xxxxxx".
Configure it from new using the AU version 5.6 that you just downloaded.MacBooks iMacs iPods AirPorts, Mac OS X (10.7.3), 27 years Apple!