The easiest way to maintain fuctionality of the EOS Utility and older bodies is to add a small Snow Leopard partition on your Lion harddrive. It's much simpler than one might think, as Disk Utility can create the partition with just a few clicks, and the older OS X install takes 15 or 20 minutes. Once that's done, boot to that new partition, install an older version of the EOS Utility, i.e. 2.8.1, and boot to that partition whenever you need to shoot tethered or use a Firewire to 1D connection.
I don't shoot tethered, but I do need the EOS Utility to access the personal function settings on my old 1D2n and 1Ds2 bodies. I also like to change the copyright year in the EXIF data to keep it current, which applies to not only the 1D's, but also on my other cameras.
I thought the only point to connect a Canon to a OS was to change personal function settings, and only on 1D cameras.
What do you need to connect your 5D for ?
CF card reader is much faster and simpler
You might want to consider and EyeFi card (with CF adapter). There should be some threads to search here on FM, primarily in the general Gear-talk forum. Review of each image will be slower than shooting tethered, though.
I ran into this issue tethering my 1D2, 1D2N and 1Ds2 recently. I finally installed older versions of 32-bit Windows XP and and older version of Mac OS to support them natively on a couple of older notebooks gathering dust. Is it me or do other folks here think an $8K camera like the 1Ds2 should have drivers for the current versions of Windows and MacOS for more years than I have digits on my right hand? Seriously? I can't use a 64-bit OS with these cameras and tether? 64-bit XP has been out how long?
Otherwise I love the 1D2, 1D2N and 1Ds2. They still provide stunning images.
In fairness I should add the Canon WTF wireless transmitter still works with the older models for tethering via Ethernet which pretty fast. I guess I could use a pocket wizard to trigger the cameras remotely as well and use the WTF to transmit the files over Ethernet as well.