No, that is not the case.. the firmware has the same functions..
I think you are confusing the airport utility and the firmware.. the new version of the utility is a toy.. for sure.. true. For Lion just the first download listed is enough.
If you run mountain Lion you can trick it to accept 5.6 airport utility..
How to load 5.6 into ML.
1. Download 5.6 for Lion.
http://support.apple.com/kb/DL1482
Click to open the dmg but do not attempt to install the pkg.. it won't work anyway.
2. Download and install unpkg.
http://www.timdoug.com/unpkg/
Run unpkg on the desktop.. it is very simple.. drag the AirPortUtility56.pkg file over to unpkg.. and it will create a new directory of the same name on the desktop.. drill down.. applications utilities .. there lo and behold is Airport utility 5.6 .. drag it to your main utilities directory or just run it from current location.
You cannot uninstall 6.1 so don't try.. and you cannot or should not run them both at the same time.. so just ignore the toyland version.. the plastic hammer.. and start using 5.6.. a real tool.