If you are doing a fresh install from a USB drive, then yes. I had Lion installed before I upgraded my BIOS, so I just had to boot without a DSDT to make it work again.
I updated my Z68X-UD3H-B3 rev 1.3 to the UEFI BIOS and it works with my Lion 10.7.4 with the Ivy Bridge kernel (I have the i7 3770K CPU).
Power management works native (I didn't try sleep/wake, but no KP at boot without using DSDT or NullCPUP..).
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