Question says it all, really. I have a new MacBook Pro running Lion and an old Mac Mini running Snow Leopard, and I'd like to make the Mini into a server to provide Time Machine backups and a few other things. I'm happy to buy Snow Leopard Server if I can be sure that its Time Machine service will handle backups for a client running Lion.
Just in case anyone's curious about why I want to use a server instead of just a NAS or a Time Capsule: I'd eventually like to have my backups off-site (meaning not in my home) without using a cloud service. One day I hope to have a Mini server in a colo providing backups to all my devices via a VPN. Setting up an OS X server at home seems like a sensible first step.