Jump Drive Solution from AppleCare
I had a similar story: A USB jump drive (Crucial, 8 GB) that worked fine on numerous PC's and older Macs (G4 laptop and desktop with 10.4.x) would not mount on a Intel Core 7 MacBook Pro running Lion (10.7.2). The device and volume showed up in Disk Utility and System Profiler, but it would not mount. It's format was listed as MS-DOS FAT32.
The MacBook Pro was only a week old and had very little additional software installed (MS Office and a print driver), so I figured it was a hardware or OS problem and called AppleCare. The problem was resolved as follows:
1) Copy jump drive contents to old laptop.
2) Insert jump drive in MacBook Pro.
3) In Disk Utility, select the jump drive device (not volume) and the "Partition" tab.
4) Select "1 Partition" from the "Partition Layout" drop-down menu.
5) Click the "Options..." button and select "Master Boot Record". Then "OK".
6) Back in the "Partition" tab, select "MS-DOS (FAT)" from the "Format" drop-down menu.
7) Click the "Apply" button.
8) Restore data to jump drive from old laptop.
The drive now mounts successfully on a PC (Windows XP), MacBook Pro (Mac OS X 10.7.2 Lion), and a PowerBook G4 (Mac OS X 10.4.11).
I need the drive to work on Mac OS X and Windows, hence my selection of "MS-DOS (FAT)" in step 6. We did not try the Mac OS formats.
Initially, we tried selecting "GUID Partition Table" in the partition "Options..." menu. It mounted in Mac OS X 10.7.2, but the volume was not readable on the Windows machine.
Also...
1) The first thing we tried was resetting the "System Management Controller" (?) by shutting down the computer, pressing shift-control-option (on the left side of the keyboard) and holding the power button for 5 seconds, releasing all keys and buttons, and then starting up the computer. This did not fix anything.
2) Before calling AppleCare: The file "IOUSBMassStorageClass.kext" existed in /System/Library/Extensions/ . I tried restarting the machine as others suggested, and I tried leaving it alone for about 20 minutes so Spotlight could do its thing. Neither fixed the problem. NOTE: The Apple tech said Spotlight would index the jump drive but that it should mount and be usable immediately--Spotlight would do its indexing in the background after the volume was mounted.
So that was how I fixed my problem. I'm not entirely thrilled that it required reformatting the jump drive because:
1) It isn't possible if there is no other computer around that will mount the volume. (I will be crossing my fingers the next time someone hands me a jump drive and the only computer around is my new MacBook Pro running Lion.)
2) It probably isn't a feasible solution for those with large external drives/RAIDs that aren't mounting under Lion.
3) It still seems like the problem is with the Lion operating system. Like many others are reporting, the problem only shows up with Lion.
Best of luck...
MT