A solution/workaround for not working display under Lion (with driver 1.7b4)
 

The problem: I connected my (old) iiyama AS4332 directly via a DVI cable, the LCD display was recognized by System Preferences as a (new) AS4332 screen, I was able to change resolution and color (profile) settings BUT whatever I tried the display kept saying "No signal" and the screen was black until the iiyama shutdown (I tried different driver versions and two different machines).
The solution/workaround: before giving up and sending the device back to the shop I gave it one more try, connected the DVI/VGA adapter delivered with the device and then used a VGA-to-DVI cable to connect the display to the little box and voilá, IT WORKS :o)
I can still change all settings in System Preferences as before, different resolutions, color profiles, etc.
Picture quality is fine, no trouble so far!
Might work for other screens as well!
Cheers
Björn