As per our usual policy, we support the current and previous versions of Mac OS X. The existence of Mac OS X 10.7 Lion is now public knowledge (though its specifics remain under NDA, of course). Additionally, XCode 4 natively supports building for 10.6+ only.
Any objection to moving 1.5hg to building for 10.6+ so that we can use current tools and current technology? Adium 1.4.x will continue to be 10.5+. -Evan