In some ways I like Lion more (some times you feel like a nut, some times you don't), but...
1) It took a lot of modification to make Lion more Snow Leopard-like for me to start liking it--for example,
permanently disabling the "Restore Applications and Windows on Reboot" function and the crazy inverted scrolling function (also making the scrollbars not disappear).
2) Auto-save and versions suck and still piss me off--I would love a way of disabling them and getting the old functionality of Preview back.
3) As mentioned, there is no Rosetta, so if you absolutely have to use an old app of any kind, you are SOL.
4) Applications that use Lion's Fullscreen mode APIs (like QuickTime Player 10) do not support multiple monitors. I overcome this by either using VLC or good old QuickTime 7--they can play fullscreen video on an external monitor.
In summary, Lion is prettier, flashier and even (a little) faster than SL (although it is slower to boot/reboot, it is faster in use if you have >4GB of RAM). But, it requires some customization and patience. I feel as if Lion was rushed out the door while still in beta--it has taken the 10.7.2/10.7.3 updates to really smooth it out, but a bit of wonkiness still remains.
The real problem with Snow Leopard is that it is not supported anymore--for example, there will be no Mac OS 10.6.9, only an occasional security patch--and more and more apps will become Lion only over time.