The Bluetooth stack of OS X 10.7.2 ignores some timeout values that are of importance when pairing a Wii Remote. Most notably, and unlike in OS X 10.4-10.6, it takes a lot longer to stop a search for devices that are ready for pairing.

Therefore, it can happen that a Wii Remote quits pairing mode and goes back to sleep before Remote Buddy even gets any chance to pair with it. The solution in that case is to press buttons 1 and 2 again if the 4 LEDs on the Wii Remote stop blinking before the pairing completed.

Apart from that issue, the Bluetooth stack of OS X 10.7.2 is seriously buggy in general and is causing issues even for many users of Apple's own Magic Trackpad and Wireless Keyboard. If your issue is not related to OS X 10.7 ignoring aforementioned timeout, I recommend waiting for OS X 10.7.3 and try again. I can't imagine Apple not fixing a lot of bugs in the OS X Bluetooth stack with that update - given how many people have issues with Bluetooth in OS X 10.7.2 with all kinds of devices, including Apple's own.

Best regards, 
Felix Schwarz