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<
Project->Properties->Java Build Path, find GWT SDK in this list, click Edit.
If Use default SDK is checked make sure the default is available. If not, click Configure SDKs... and make sure you don't have an x symbol on your SDK. If so, remove it and re-add it.
If Use specific SDK is checked, make sure you've selected one that is available.