The date format may display the year as 2 digits insead of 4 digits.
However, it will not work on other language versions of Excel 2011 on Lion. These issues will likely only be encountered in specific situations or configurations:
Here is a list of other known issues that Microsoft is currently investigating. Because Lion no longer supports Rosetta, applications that relied on it will no longer function under the new MacOS. Previous MacOS versions supported Rosetta, an Apple Mac OSX bridge technology that enabled applications such as Office for Mac 2004 to run on the latest chip architecture for Mac.