In most cases, pointers to instances of Objective-C classes are recognized as such; the recognition is (and probably always will be) slightly heuristic. Basically, any pointer that passes basic sanity checks and whose first word is a pointer to a known ObjC class is considered to be an instance of that class; the Objective-C runtime system would reach the same conclusion.

It's certainly possible that a random pointer to an arbitrary memory address could look enough like an ObjC instance to fool the lisp runtime system, and it's possible that pointers could have their contents change so that something that had either been a true ObjC instance (or had looked a lot like one) is changed (possibly by virtue of having been deallocated.)

In the first case, we can improve the heuristics substantially: we can make stronger assertions that a particular pointer is really "of type :ID" when it's a parameter to a function declared to take such a pointer as an argument or a similarly declared function result; we can be more confident of something we obtained via SLOT-VALUE of a slot defined to be of type :ID than if we just dug a pointer out of memory somewhere.

The second case is a little more subtle: ObjC memory management is based on a reference-counting scheme, and it's possible for an object to ... cease to be an object while lisp is still referencing it. If we don't want to deal with this possibility (and we don't), we'll basically have to ensure that the object is not deallocated while lisp is still thinking of it as a first-class object. There's some support for this in the case of objects created with MAKE-INSTANCE, but we may need to give similar treatment to foreign objects that are introduced to the lisp runtime in other ways (as function arguments, return values, SLOT-VALUE results, etc. as well as those instances that are created under lisp control.)

This doesn't all work yet (in fact, not much of it works yet); in practice, this has not yet been as much of a problem as anticipated, but that may be because existing Cocoa code deals primarily with relatively long-lived objects such as windows, views, menus, etc.