I just finished installing an Epson Workforce 545 on Lion. This info is valid as of early March 2012. The trick seems to be this: DON'T install using the CD that comes with the printer. DON'T download the driver from Epson.
First do an Apple Software Update to make sure the machine is up-to-date. Then simply open the Printer & Scan preferences and add the Epson printer. It will download the driver directly from Apple and you will be good to go. If you do install the bad drivers from Epson, you have to remove the /Library/Printers/EPSON folder and also anything EPSON in the Cache folder, then start over.