It should. But if you're still having trouble, I found using this will always work for me:
sudo ARCHFLAGS="-arch i386 -arch x86_64" CC=/usr/bin/gcc-4.2 pip install
sudo ARCHFLAGS="-arch i386 -arch x86_64" CC=/usr/bin/gcc-4.2 pip install
And hooray, lxml and PIL both appear to have installed successfully on Lion + Xcode 4.1.