Sometimes, when I start Eclipse (Java EE IDE for Web Developers, Indigo SR 1) on my MacOSX Lion, my GWT (2.4.0) project initially fails to compile<
I believe the problem was occurring because Eclipse had some stale settings about available/linked GWTs.
Therefore, building on the answer by Chris Cashwell, I recommend the following:
Project>Properties>Google>Web Toolkit>Configure SDKs, .EDIT: Sometimes, I still need to do a Project > Clean, but this is rare now.