Ok, an update... On 32-bit OS X Lion I have installed everything I have on my OS X Snow Leopard except 2 things (well, 3...)

Adobe Photoshop CS4 (Installer starts but quits at the beginning.. 64-bits?)
Final Cut Pro X (64-bits)
Xcode 4.3.2 (I installed Xcode 4.2.1 which is 32-bits)

If we get the SSSE3 emulator I think we are golden!

In RE: to the HD activity, it is a hit & miss situation for me. If when I boot OS X Lion I get HD activity on the login screen I simply reboot the machine and usually the 2nd time around it has no HD activity. I compared on both occasions with and without hd activity "dmesg" and "ps aux" and only difference were in dmesg on the one without HD activity there was an fsck_hd ran... I am still trying to figure out if this is the case always. Will let you all know later..

EDIT: I copied all the Adobe stuff on /Applications and from /Library/Application Support and I got Photoshop CS 4 working. So I would only be missing 1 app which I never really use (Final Cut Pro X) I think I can use this OS X Lion as my daily OS.. Nice... Good job RAW X86! Your 10.7.4 Kernel seems to be holding pretty good on 32-bits and my AMD Phenom II X4!