Fighting words. I take it you haven't discovered the double-tap-with-three-fingers that brings up a dictionary/thesaurus bubble, or FileVault 2's whole-disk encryption, or Mission Control, or Versions, or the Data Detectors in Mail...
All these contribute materially to my productivity daily. And, my machine (an early-2010 MBP, 8GB) runs faster than it did with Snow Leopard due to Lion's superior utilization of RAM.
Lion ran slower on my 2011 Macbook Pro. I use iStatMenus to monitor memory usage. In comparison running the exact same set of background applications (rightzoom, fontexplorer x and usb overdrive):
After cold boot:
Lion: 1.07gb of RAM
Snow Leopard: 905mb
After running Firefox and system preferences:
Lion: 1.7gb
Snow Leopard: 1.2gb
Those figures with Lion are awful. Comparing either of the scenarios to my Mac Pro is even worse; after a cold boot my Mac Pro 1,1 from 2006 only uses about 650mb of RAM also using the same running apps in the background on Snow Leopard. These figures with my macbook are even worse considering I disable dashboard completely on every computer, I don't use it.
Note: my comparison is between Lion 10.7.1 vs. Snow Leopard 10.6.8
I was really *really* excited for Snow Leopard when it came out, mainly because of the heavy optimizing Apple did, smaller install footprint, etc. Snow Leopard was and still is awesome. Its stable, quick, doesnt take up much hard drive space, has PROPER expose and most applications are compatible with it. And I still really like Snow Leopard. Lion is going the way of iTunes; bloatware with limited ways in changing or disabling added on features that a lot of us dont like, dont want and don't need.
I run OS X in a very minimal simple way. My boot drive is documents/movies/etc free, I only use it for applications and its an Intel SSD for max. performance. All my working files are on a secondary drive in my optical bay which is running a Western Digital 5,400 RPM HD. I have a third HD which is a direct clone of the secondary HD for backups, and that drive itself has another partition with Snow Leopard installed to use as backup and to test new software BEFORE i actually throw it onto my main boot drive. I'm very anal about a *clean* running operating system, and everything is customized to my liking in Snow Leopard, which, for the most part works great.
The biggest problem with Lion is that it introduces a ton of crap that I don't need and theres no way (yet) for me to change any of that. Launchpad is part of the dock, if there was any way I'd completely disable like I do with dashboard. Expose is limited and I can't turn off the grouping of windows for proper multitasking, the new save function can't be tweaked, theres no way to not allow full screen ability (I don't need it, I have a 24" external display which is large enough for me), Mission Control can't be tweaked to turn off spaces so it doesnt show the other thumbnails or the grey border, etc. etc. etc.
About the only thing I found useful was the fact that I could resize windows by clicking on any side. Apart from that, there isnt anything significant in Lion that makes me want to go back to it. In fact, I'm better off without it as you can see my memory usage is better in Snow Leopard, and I suspect my temperatures would be as well since a lot of people are having problems in that area too. On top of that, a few of my apps still work in SL, while in Lion they do not (Vox 0.2.8 & Screenflow and a couple others).