With regards to all of those out of luck on 10.7 Lion:

I originally worked with one of the original founders of Octiv to patch and release the Snow Leopard Volume Logic 1.3.2L version plugin that was posted on the Plantronics website for a short time.

Since there seems to be no easy way at the moment to get VL working on Lion without enabling 32-bit iTunes mode or doing some hefty patching, I had developed a work-around knowing this day would come and tried my best to mimic the VL capabilities for best overall sound from the default stated purpose of the VL plugin, without using any plugins.

After a LONG time testing and tweaking, I think many of you will be pleased with the built-in iTunes solution I have come up with. I have posted a screenshot of the settings you'll need to adjust the EQ and Sound Enhancer (Preferences) in iTunes to in order mimic the VL plugin.

Please see the attached picture posted here: http://tinypic.com/view.php?pic=9k8h89&s=7

Hope you all will find this a worthwhile solution. Feel free to leave your comments.