Hi Dave -
I installed the update on both Lion & Snow Leopard and have had no issue so far. Also seems to start up faster.
One note - under Lion, you may be asked to "re-enable" Java Web Start applications. I did this and had no trouble. It will also re-create the Server Admin launcher file.
FileMaker Certified Developer
Wizard Consulting Group
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Anybody tried the update on FMS/FMSA? CWP still running?