I haven't installed 10.7.4, but speaking for 10.7.3...
It seems to me likely that Apple's side of the problem has been mostly sorted out. To review:
Some of us were affected after we installed 10.7.0. In some cases our previous view settings for specific folders were scrambled, and MacOS ignored our attempts to set those per our needs using "Finder-->View-->Show View Options". (I nearly always want unsorted icon views, for example, so I can arrange the icons according to my workflows.)
Thinking about it, this really seems to describe two fairly distinct issues: 1) scrambling, which clearly was a bug --almost certainly in the Finder-- and 2) not saving new settings.
From the reports I've seen on this forum and others, scrambling was eventually fixed, by 10.7.2, if I recall correctly. But a small number of people reported problems afterward. I didn't systematically examine those reports, but it is my strong impression that most of them could be explained by a failure to save new settings.
If Adam Meath's post of 2 Jan 2012, above, is correct --and I believe that's very likely-- not saving could be explained by permissions problems. Here's my theory: it is not clearly documented, but almost universally agreed out here in user-land that view settings are stored in each folder in an invisible file called .DS_Store. If the permissions for this file were garbled, then it is possible view settings couldn't be changed. In 10.7.x (at least) the Finder runs at the current user's privilege level. There's no hope that an all-powerful system (Root!) could simply override. According to the referenced OSXDaily article, the hidden option in Disk Utility resets only home directory permissions and ACLs, but I'm guessing it has the indirect effect of correcting permissions and ACLs on .DS_Store files generally -- for files belonging to the current user, anyway.
How does this happen? I think there's a third issue: 3) When migrating to a new MacOS, file permissions sometimes get mangled. Verfy difficult to prove, but that's my impression.
In addition, I imagine that it doesn't help that the not-publicly-documented format of .DS_Store files was very likely updated to support new 10.7.x features. So update-time or at the point of first-opening each .DS_Store file under 10.7, there was yet another opportunity for glitches.
It could be really helpful if someone using 10.7.3 or 10.7.4 and experiencing this problem repeatably could take the time to examine the full permission settings of the .DS_Store file in the affected directory. Compare them to the settings of the same file in an unaffected directory, and then apply those settings to "failing" .DS_Store file. It would be really nice to nail this down. Or, disprove my theory -- that would be helpful, too.
I think this would require using the Terminal to reveal the all the permissions for these files, including the ACLs. Other than their existence and the fact that ACLs can affect file access, I must admit this area of the OS is beyond my knowledge. Someone more tekkie than me...?
HTH