Version for OS X 10.7 available
Works on OS X 10.7 (Lion).
Download & try.
MAC M4P Converter 6.0.2 released
Support both 32bits OS X and 64-bits OS X.
Convert purchased iTunes Music to MP3
How to convert DRM protected iTunes music file to MP3 format on Mac
Convert iTunes M4V movie to MP4
M4V Converter Plus can convert purchased M4V or M4V rental to MP4 or other unprotected format.