Is Your Software Compatible With Lion?

"At the risk of beating a dead chestnut, I've received several inquiries regarding applications and their likely (or assured) compatibility with Lion. Rather than chew up precious email bits and forum threads, let's wrap up this 'Will my applications run under Lion or not?' package with a colorful bow."

This is a quick run through so you can determine if your current software is going to be compatible with the upcoming Lion version of OS X. Basically, if you have any Power PC programs you need to start looking for something to replace them, or upgrade them to the Intel version if that is an option. Yes, Apple is forcing your hand but is that necessarily a bad thing? What are your thoughts?