Is there a way to run one application in Full Screen mode on one display and still be able to view and access applications on a second display?

When I make an app go full screen on my primary display - a 24" Apple Display - everything previously visible and accessible on my second display - my MacBook Pro screen - is hidden by the default Lion background image.

Is there a way to run one app in Full Screen mode on one display and still be able to view and access applications on secondary display(s)?

Solution 1:

The built in full screen (Lion) dominates both screens - and I've not been able to find any setting which lets me use the other one for anything else.

The fix I use for this is Divvy - which enables me to maximise on each screen - but this isn't quite full screen and doesn't provide entirely the same experience. It is, however, a good compromise.