I experienced something similar. I had installed a fresh copy of Lion on a 2007 iMac, and everything ran smoothly for a day or so. Then randomly, I could select a user from the login window using the arrow keys on an Apple Wired Aluminium USB keyboard, but when I typed in the password, nothing appeared in the box. No black dots, nothing.
Turned out that the keyboard layout had changed. I did not have the System Preference set to 'Show keyboard layouts on login window', and obviously I couldn't log in to go into System Preferences and turn it on 😀.
For UK and US users: at the Login window, press Cmd+Space and a tiny keyboard layout menu appears in the top-right corner of the screen. Choose 'U.S.' from the menu, or click on 'Other Input Sources' from the menu and choose 'U.S.' from the very long list of keyboard layouts that appears.
Once you've selected a U.S. keyboard, you can type in the password box, black dots appear and you can log-in. I havent tried this with DE, FR, ES Lion installations and keyboards, but this method still solves the key problem that somehow your keyboard layout changed such that you can't type in your password any more.
Best wishes!