I have had these graphic artifacts and was convinced that this was a Lion/AMD Radeon 6970M drivers issue, so I have been patiently waiting for a software update. I have reported the issue via the Apple feedback form. 3 or 4 days ago I thought that I had better phone Apple Care so that they would have a record there too. The assistant wanted me to do a PRAM/NVRAM reset, I was sceptical but complied. This seems to have worked for me - at least so far - I am still a little sceptical, as I am convinced that this is a drivers issue. I am not saying that it will work for all of you, but for me, so far, it seems to have worked.
Here are the exact steps that I performed:
1. Turned the power off at the socket.
2. Disconnected the power cord from the iMac.
3. Held the power button in on the iMac for 5 secs.
4. Reconnected the power cable and turned on power at the socket.
5. Turned on the iMac.
6. At the chime, held down COMMAND+OPTION+P+R. Keep holding.
7. Once the iMac chime's again let go of the keys and let the iMac start.
Not meaning to sound like I am teaching you to suck eggs with the instructions for the PRAM/NVRAM reset, I just wanted to give you the exact instructions that I followed :-)
I will let you know if the artifacts reappear at any point.