Just installed Lion and transferred Applications and setting's and I cannot disable reverse scrolling, this is what my built-in trackpad settings look like.
Can anyone help??
Can anyone help??

That is the case with my early white MacBook too. Maybe try BetterTouchTool?
Does it happen to exist in the 'Mouse' prefpane?
Actually yeah it does, just connected my old mighty mouse and it has the option "When using gestures to scroll or navigate move content in the direction of finger movement" So probably if it bothers anyone with an older macbook/pro too much just connect a mouse to it and change it there. (I only have apple mice though, so someone might want to check to see if that option is there for generic mice).
I can confirm, I connected a Microsoft usb mouse, and went into the mouse pref panel and unchecked the the top setting. Works for the trackpad correctly, great fix! Obviously this seems like a simple fix for apple to add in older trackpads settings.