That depends. I don't have any issues at all with Lion, so it has definitely delivered for me. It's definitely reasonable. I'm not experiencing any of the issues the OP is, and I'm running an older MacBook. I expect the biggest reason for that is that I have 3x the RAM the OP does, and the OP is sitting at the minimum requirement for Lion.
There are a lot of complaints about Lion on here, but I suspect that for every complaint here, there's many more people satisfied. People post if they're complaining or have a problem, they generally don't post just to let everyone know they're satisfied.
Lion is delivering for more people than it isn't. I'm sorry that you're one of the people it isn't delivering for. Also, keep in mind: as much as you like Snow Leopard, it was just as bad as Lion when it was initially released, if not worse. I haven't heard any reports of Lion erasing people's home directories, and that was a bug in Snow Leopard. There were just as many complaints about Snow Leopard when it was released as there are about Lion now.