Turn Off Internet Sharing
Turning off Internet Sharing worked for me.
Background: I upgraded to Lion when it came out. I usually sleep my iMac each night, which worked just fine for several years with Snow Leopard. After the upgrade to Lion, I noticed that the iMac woke up very quickly in the morning - a quick check revealed that it was never going to sleep.
I had internet sharing (system preferences, sharing) turned on as several years ago I did not have an external wi-fi - I ran the internet cable into my iMac, then broadcast via the iMac's wi-fi. A few years ago we switched routers and the new one had a built in wi-fi. I had left the iMac wi-fi broadcast on apparently.
I turned internet sharing off, selected Sleep, then my iMac went to sleep for the first time in a week.