I am not able to see or use cut/paste in lion I upgraded to lion on the day it was released. After that I updated my system twice even then I am not able to see any cut paste option as specified here.

Mine is still:-
Note: Command+Option+V  is not working for me. Nothing happens :(
You have to press the Option key BEFORE clicking Edit on the Menu. This will dynamically change the menu to show the "move" option.