I can confirm that the current TC Near driver is not compatible with the public release of Lion.
After attaching the FireWire cable, you will get a blue light indicating that the connection to the interface is OK (which it is), but the sound driver structure is corrupted, which you can see by opening your Sound settings.
Also, the Control Panel will not open/crash.
If you do a reboot while your interface is attached, you might be able to stream audio to/from the interface, but still, the system is unpredictable and the control panel is not available.
We are working hard to find the cause of this behavior and as soon as we have more info, I will post the info here.
I don’t have a time frame for the fix, but we’ve given Lion compatibility highest possible priority.