Apple has released Server Admin Tools 10.7 to provide compatibility with Mac OS X 10.7 Lion Server. Included are updated versions of Podcast Composer, Server Admin, Server Monitor, System Image Utility, Workgroup Manager, and Xgrid Admin. (Free, 193.25 MB)
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Server Admin Tools 10.7
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I regularly use either Server-Admin and Workgroup Manager to manage my servers. One of them still being 10.5 Leopard.
Server-Admin works fine with Leopard Server, however Workgroup Manager cannot attach to Open Directory on Leopard Server. So you cant administer a Leopard Server with a computer running Lion. Hint: Use Screen Sharing and a local instance of Workgroup Manager on the server.
Even worse, although not able to connect, simply trying to connect leaves the LDAP Database in a state not writeable. Users can still authenticate, but you cant apply changes. The LDAP Database went back to operational by the next reboot. If this does not work for you, you should become familiar with db_recover which did the trick for me whenever something went wrong with Open Directory.
There is no notice regarding system requirements on the Apple site which I regard being a poor job.
Honestly, I'm not getting warm fuzzy feelings about Lion Server from what I'm seeing online. I'd approach any Lion Server upgrade very cautiously.