Not working here.
11 inch, Mid 2011 MacBook Air running 10.7.2
27 inch, Mid 2011 iMac running 10.7.2
Thunderbolt cable purchased from the online Apple store
Just works? Unfortunately not. Just doesn't work, at all.
Command-F2 achieves nothing.
Sheesh. As a very long time Apple user, I currently have a Pegasus R4 Thunderbolt external disk purchased from the Apple Store that works only if I take my phone to another room, and then only one time in three. I have an iPhone 4S that gets no audio on roughly every third outgoing call unless I hit the speaker button. I have lost documents in iCloud. And now I cannot get the external monitor thing happening, which was the specific reason for upgrading both computers at the same time. There's my vent done. Not having a good run.
My solution? Time to go back to only purchasing second generation technologies I think. No more .0 purchases for me in the next few years. Back to the old faithful method of waiting a few months until reviews are overwhelmingly positive and the bugs are out of the system. I buy Apple so that I *don't* have to waste my time in systems admin. No more Day 1 purchases; no more early adopting for me. Productivity lost is just too expensive. And, of course, capital applied too early and therefore wasted. Pity.