Partial Solution: I found a solution for getting printing working in Lion, at least with my Dell 3100cn, and it likely works for most other printers. It doesn't fix my photoconductor warning, but at least I can print (and the warning is much less annoying, and no longer causes the print cue to stay open after printing completes).
First, you need to get the PPD for the printer, either from the CUPS site (as for the 3100cn Matt provided) or from the manufacturer. If you have upgraded from SL to Lion then you likely already have the PPD for your printer installed in /Library/Printers/PPDs/Contents/Resoures (and potentially in a language specific folder, as for Dell). Other printers might install their PPDs in custom folders inside the /Library/Printers main folder.
Once you have located the PPD for your printer and either installed it or copied it to the approrpiate location in /Library/Printers you can then modify (or add if you have not already done so) the printer having issues. In the pop-up menu for the driver ("Print Using"), choose the "Other..." selection. This will bring up a file nav dialog, where you will navigate to the location in /Library/Printers where the PPD for your printer is located. Select that PPD and click Open.
This should then give you all the capabilities for your printer. In my case, for the Dell 3100cn, I was able to select the memory and cassette trays, get the correct supply levels, etc. It also reduced the annoyance of the photoconductor warning, even though this didn't completely solve it.