A small word of warning: I mostly use Windows 7 on my MacBook Air, but I decided to upgrade anyway. Unfortunately for me, the upgrade rendered my Bootcamp partition inaccessible (it doesn't show up in startup disks, and does show up in Disk Utility, but cannot be repaired).
Wow, thanks for the warning. I was just about to upgrade. I have an entire drive devoted to Boot Camp I'll probably be okay? It looks like there is one error situation detected during install:
The anandtech review implies that boot camp assistant works and the boot camp drivers (a separate download) are now 4.0 but I can't actually find them, I assume the apple updater has them.
I suspect it is probably because Lion adds a new Recovery Partition, and when it redoes the partition layout it doesn't take the boot camp partition into account. That's kind of a scary oversight.