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While Apple issued an update for their Lion operating system, they also issued one for their Snow Leopard one as well.
According to Apple’s own user support forum, Security Update 2012-001 disables the Rosetta feature, there by not allowing older applications (such as Microsoft Office X, 2004, older versions of Photoshop, Quicken, FileMaker 7 and others) that were written for the PowerPC chip. A user in the same support forum claims that they have written a work around for the problem, but it doesn’t work for all PowerPC applications.
While Apple has not put Rosetta in Mac OS X 10.7 Lion, Snow Leopard still includes the feature.
Apple has yet to officially acknowledge this problem.