I'm also having issues.

* Xcode 4.1 Build 4B110
* MonoDevelop version 2.4.2
* Mono version 2.10.1
* MonoTouch version 3.2.6.9797

Also see my SO question here.

http://stackoverflow.com/questions/6785520/is-it-safe-to-upgrade-to-os-x-lion-for-monotouch-developers

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