I think the animation times need to be trimmed by at least 50%.
I use full screen apps for everything on my 13" MacBook, but I do wish the menu bar was still there. I hate moving the mouse to the top of the screen to see what time it is.
After experimenting over the weekend, the bulk of full screen apps really aren't for a 27in iMac....iTunes, Safari and Mail actually look ridiculous really, there's just ample white space left around the main content.