I installed python2-dbus and upgraded to netatalk 3.0.1-4. No dice, Time Machine still couldn't locate my backup drive. I created /etc/avahi/services/afpd.service and put the below in it.
$this->bbcode_second_pass_code('', '?xml version="1.0" standalone='no'?><!--*-nxml-*-->
<!DOCTYPE service-group SYSTEM "avahi-service.dtd">
<service-group>
<name replace-wildcards="yes">%h</name>
<service>
<type>_afpovertcp._tcp</type>
<port>548</port>
</service>
<service>
<type>_device-info._tcp</type>
<port>0</port>
<txt-record>model=MacBook</txt-record>
</service>
</service-group>
')
After restarting avahi-daemon and netatalk, my Lion installation was able to do a backup. If one makes afpd.service before upgrading you'll get a message asking you to remove it. I suspect installation is supposed to create afpd.service but doesn't for some reason.
To anyone still having issues with netatalk 3.0.1-4, make the above file and you should be all set.