Hello, in order for Rosetta to do what it did, it REQUIRED PowerPC code. Kind of obvious if you think about it for five seconds.
So, if there's no PowerPC code in Lion, how would Rosetta work? Answer: it won't!
Is there ANOTHER, completely DIFFERENT approach that could make PowerPC apps work in Lion! SURE!! All you have to do is write a PowerPC emulator in native Intel code. Kind of like how SheepShaver works.
Will that happen someday? I wouldn't be at all surprised, given the lovely emulation-crazy developer community in the Mac world. Will it happen anytime soon? Very, very unlikely -- that's a HUGE job I've just described. Check back in three to five years, would be my guess.
I just made a crapload of money today helping someone who waited WAY TOO LONG and ignored over a DECADE of warning signs and suddenly found herself stuck with ClarisWorks (you read that right) files and NO way to open them.
Luckily for her, I kept a full clone copy of my Snow Leopard install with MacLinkPlus Deluxe on board. Speaking of which, if anyone's going to solve the "Help I forgot to update my AW files" issue, it's likely to be them first.
I should also point out that AW 6.2.x files (WP at least) can be read by Pages, but of course they are converted to Pages documents.