At long last I've managed to get the ripple effect working in Lion.
how it worked for me.
bootloader. PCEFI 10.6 LION+SNOW LEOPARD PKG.(setup in snow leopard)
i use this because it gives me high GLviewer scores
a copy of lizard tool(to make a new smbios. plist to suite your graphics card)
the tool explains it self.
COPY OF MY smbois.plist
--------------------------------------------------------------------------------------------------------------------------------

<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.0.dtd">
<plist version="1.0">
<dict>
<key>SMbiosdate</key>
<string>16/10/2009</string>
<key>SMbiosversion</key>
<string>MP31.88Z.006C.B02.0801021250</string>
<key>SMexternalclock</key>
<string>1765 MHz</string>
<key>SMfamily</key>
<string>Mac Pro</string>
<key>SMmanufacturer</key>
<string>Apple</string>
<key>SMmaximalclock</key>
<string>4.11 GHz</string>
<key>SMproductname</key>
<string>MacPro3,1</string>
<key>SMserial</key>
<string>CK929559XYL</string>
<key>SMsystemversion</key>
<string>1.30f3
</string>
</dict>
</plist>

--------------------------------------------------------------------------------------------------------------------------------
COPY OF MY BOOT PLIST
---------------------------------------------------------------------------------------------------------------------------------
<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.0.dtd">
<plist version="1.0">
<dict>
<key>Graphics Mode</key>
<string>1024x768x32</string>
<key>Kernel</key>
<string>mach_kernel</string>
<key>Kernel Flags</key>
<string>arch=x86_64</string>
<key>PciRoot</key>
<string>0</string>
<key>SMBIOS</key>
<string>/Extra/smbios.plist</string>
<key>SMBIOSdefaults</key>
<string>No</string>
<key>Timeout</key>
<string>5</string>
</dict>
</plist>

--------------------------------------------------------------------------------------------------------------------------------
so once you have those sorted out in your extras folder.
check the chess set works. and the visualizer in i tunes (I'm told those use openGL/CL)
if like me i still couldn't get the ripples to work ONE LAST THING TO DO.Very important
UNCHECK.Show dashboard as a space in mission control.

AND YOU HAVE THE RIPPLE EFFECT

My graphics card is a Nvidia 285GTX
Hope this helps a few ppl