I have the 15-inch Early 2008 MBP (MacBookPro4,1).
After installing the 1.7b2 driver, my external monitor is working, but I didn't have the 'rotation' option displayed. I did this:
http://www.displaylink.com/support/ticket.php?id=301 and was able to rotate the display - THANK YOU VERY MUCH!!!
Thanks for updating for Lion - it is greatly appreciated that my two USB-to-DVI devices will continue to function under OSX 10.7!