I am experiencing the same error.
I was running OS X 10.6.8 (with the supplement 10.6.8 v1.1). I regularly repair permissions, once a month or so. Other control panels seem to work, just not this one.
Oddly, the Parental Controls pref pane shows "Guest account" and "Guest account1". These would seem to give a little bit of credibility to the idea that something is messed up with the guest account after upgrading to Lion. Also, neither guest account could be deleted from the Parental Controls pref pane, even though there is a minus button which ostensibly allows you to do that. I get a confirmation, "Are you sure you want to delete the user account "Guest Account"? The user account "Guest Account" will be deleted permanently." But if I click OK, nothing happens. Same for both guest accounts.