Not good for me
I have 5 Macs, only one of which (my work mac which I don't own) can upgrade to lion. One is even an early intel mini mac that can't. (Only core 2 duo intels can, it's a core duo)
So I'm going to lose my ability to sync all of my computer together, which was working perfectly. Most importantly of which was keychains. I can put a password in one computer, it would sync to all, so keeping track of keychains was a breeze. I do everything on the web and keeping track of all those keychains was imposable. I'm sure there are third party options, but I don't really trust other companies to have access to all of my passwords.
I'm going to lose Idisk which I used as my way to access all of my paperwork (I scan everything into a paperless system) where ever I am.
I invested a lot in these computer 4-5 years ago. They are still working fine, apple is just removing the software that tied them all together. I looked into how much it would cost to replace all of my computers with newer versions, over 5,000 dollars even going with lower end options.
Not happy with the iCloud update, I'll be waiting until the last posable moment to transition.
I am excited about ISO 5 in general though, my iPhone 4 will be happy.