Guys, been doing some digging around some various sites and found this. So the bigger question, if you can't make rex files under Lion, can we still use Stylus RMX's import tool (anyone try this yet- I am sure Eric will respond soon enough though)
ReCycle and Lion
Apple have removed Rosetta support from Mac OS X 10.7 (applications relying on Rosetta will not run). The current version of ReCycle is relying on Rosetta and will not run if you upgrade to Mac OS X 10.7.
We are working on a version of ReCycle that will be compatible with Mac OS X 10.7. Registered ReCycle owners will be notified by email when this product is available for Beta testing.