But in versions of OS X prior to 10.7, it was possible to adjust the volume in smaller increments: If you held down Shift and Option before pressing the Volume keys on your keyboard, you could adjust the volume in quarter-steps instead of whole ones. For some reason, Apple removed this ability in OS X 10.7. But reader aGr[j5(6WU noticed that it has returned in 10.7.4—a change not mentioned in the release notes.
Holding shift-option also works for brightness. I used this all the time in OS X Snow Leopard and really missed it when I switched to Lion. Good to see it’s back.