Interesting article. It sounds as if the answer is yes, but the researchers diminish the importance of pain to a lobster....
PORTLAND, Maine - A new study out of Norway concludes it's unlikely lobsters feel pain, stirring up a long-simmering debate over whether Maine's most valuable seafood suffers when it's being cooked.
Animal activists for years have claimed that lobsters are in agony when being cooked, and that dropping one in a pot of boiling water is tantamount to torture.
http://story.news.yahoo.com/news?tmpl=story&cid=1894&e=1&u=/ap/20050215/ap_on_sc/lobster_pain