Among the many issues of running Office for Mac 2011 on Lion, one is that Communicator for Mac crashes when you send an instant message or start an audio/visual call & Outlook can’t import mail from Apple Mail, but if your mail is already in Outlook, then this issue won’t affect you.

Another minor problem being faced is that windows don't align as they did in Snow Leopard.

All we can do is wait for the updates.

What are the other issues you are facing?