I can also not verify backups on my Time Machine disk.
I did a clean install of Lion on my MacBook Pro 8,2, after reading the above-referenced Macworld article, thinking that it would be awesome to be able to access my previous documents etc. After doing the clean install, though, none of the options mentioned in that article were available. It makes sense after the fact; the options mentioned are for moving a TM disk from one computer to another, and Lion is intended by Apple to be upgraded over Snow Leopard. Still a bit disappointing, though.
But when I go into Time Machine on my MBP with Lion, the timeline shows dates going all the way back to when I first got the computer. I simply can't select any of those dates to view the files. And, like the original poster, when I hold down the Option key, "Verify Backups" is greyed out and unavailable. It's disappointing, to say the least.
I'm not completely hosed, though; I have a full clone of my computer made right before the clean install. Multiple backups for the win! It'd be good to be able to use TM properly, however.