I have this identical printer running in Lion and you're right, it's a great workhorse printer that seems to go forever.
The HP website says that OS X 10.7 system software/software update supports that printer. BUT I found that to install the printer I had to go into the printer's configuration and print out the data sheet by pressing the correct series of buttons on the printer. Look for networking, you're looking for the IP address of the printer. It will look something like 10.0.1.15 or maybe 192.168.1.XX.
When you have that go to your Mac's System Preferences and Add Printer, then add under the "IP" menu, then HP Jetdirect - Socket or IPP.
Under the Address: put in the IP address you got off the printer (10.0.1.XX)
It will then search for the printer driver. The name in the printer description should pop up or it will get the driver from Software Update.
As good as this printer is it's always been a little complicated to set it up even back in Snow Leopard, but it has installed on three instances of Lion on our network.