I think "Viewer" in this context shouldn't be confused with View Only mode - in this context "Viewer" is more akin to being a Client, i.e. one who initiates a session to access a remote Server.
By view only mode as above I mean that you can view the screen but the keyboard and mouse have no effect - useful for exampe checking whats happeining on a remode server without the possibility of actually changing anything (accidental or otherwise) - Plus great for snooping on the kids :-)
RealVNC is a good product so it should work - but the difference between Lion and previous OSX systems is that before when you access OSX (with the VNC "master" passord if set) you got straight into whatever was logged on at the Remote. With Lion, regardless of who is or is not logged on you will get a Logon screen in VNC - you can then either select the active user, in which case you get to see whats there as before, or select another userid which means you get a session all to yourself.
But in either case you have to ENTER a userid and password - which meane the "view only" mode setting in VNC is no longer applicable. It also means you *must* know the password of the userid you wish to access!
I do note whatever client you use VNC is noticably slower than before (well it is at least on my systems )
Hope this help....
Regards,
Shawn