SUCCESS! Though it may not be the kind you're hoping for, it did the job for me.
As background: For the two months or so Lion has been out, my Magic Trackpad simply ceased to be functional. The cursor—as so many have noted here and on other forums—seems to have a mind of its own, jumping around the screen, selecting text, scrolling pages, inserting characters where none are desired, and so on. This behavior occured on both my iMac (with second display, as others have noted) and on my MacBook Air as well, using the Trackpad only.
My Magic Mouse didn't do this, so I've been using that. As a longtime software developer, I tested every permutation possible: memory conflicts, Bluetooth device conflict, wireless/wired keyboards—really quite a bit. Still that cursed behavior remained.
Then, on the advice of a colleague, I must admit, I bought a new Trackpad. That did the trick. Apparently the original Trackpad simply had some buggy issues. But I've been using this new one now for three full days, all day long, and it is perfection. (And no, I don't work for Apple or anyone who sells Trackpads.)
Those who wish to try this for themselves, please do. And if it works for you, mark this as a Helpful or Correct Answer, so everyone else out there—and we are were legion—can move beyond this and get some work done. Meanwhile I'm returning the previous Trackpad to Apple.