I have this in my customization, for the reasons noted:
(mf-display-padding-height 46 nil nil
"The default value of 45 leaves the titlebar tucked up under"
" the menu bar on OSX Lion"
" See http://debbugs.gnu.org/cgi/bugreport.cgi?bug=10449")
I guess I forgot that this package wasn't built into emacs :-)
Thanks for reporting this. I see the same behavior at 45, but I also still see it tucked up under the menu bar at 46 as well. I actually had to bump it up to 51 before it sat correctly.
This leads me to believe that there is another new measurement either in Emacs 24, Lion, or the combination of the two that maxframe isn't taking into account. I haven't found it yet.
Side note: While I still have maxframe in my emacs initialization, I only use it as a backup for when ns-toggle-fullscreen is not present. I compile emacs with native fullscreen support now, and it's pretty nice. If you use homebrew, here's the compilation step that'll do it for you.
$ brew install emacs --srgb --cocoa
Meanwhile, if anyone figures out what measurement maxframe.el isn't taking into account, I'd be happy to fix it.