Not sure about the ColorMunki with Lion. I used to have one, but having much better hardware and software for both monitor and printer profiles, the only thing we really used the ColorMunki for was reading spot values. Like to get an RGB value of a red swatch of cloth.
It's always been a bit of an odd duck of in X-Rite's lineup. The ColorMunki hardware itself scores very well as an accurate spectrophotometer, especially at the low price for that type of hardware, but the bundled software isn't very good.
It's not cheap, but if you want a much, much better package that will do monitor, projector and printer profiles, get the i1 Basic Pro 2. It's not much fun doing printer profiles with one of these (you have to hand read strips of color patches a row at a time), but to greatly speed up the process for printer profiles, you'd have to invest in the rather expensive i1 iSis.
Pretty much anywhere you look, the lowest price is $1149. The bad part of this package is that there is no method for doing spot color readings. At least, not included with the item. The only current software X-Rite has which will work for that with this unit is the discontinued PerfectPalette. But it does work, even in Mavericks (does require installing a runtime version of Java 6, which it will do itself).
After all that, it's probably the last thing you wanted to hear as you just bought the ColorMunki. If you check the downloads page, the last time the software even got an update was to 1.1.1 in November of 2009. It's sold as a current product, but doesn't get much attention compared to other items in their lineup.