"eSATA drives won't mount after updating to OS X 10.7.4
Sonnet has isolated the occurance of drives not mounting in 10.7.4, which occurs only in 32-bit mode with the Tempo SATA E4P, E4i, and Tempo SATA Pro ExpressCard/34. Users running in 64-bit mode will not experience any issue. (To boot in 64-bit, hold down the 6 and 4 keys when the Mac starts up.) Install driver 2.2.9 or greater to fix the 32-bit mode issue. This driver version will be posted by May 17th."

As of Noon (ET), the Tempo Pro drivers page doesn't have v2.2.9 update yet but it may be there by the time you read this.

  

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