i, too, was a littler underwhelmed with lion. as a developer and a "geek" i like stuff under the hood, performance improvements, fun new APIs, and interface enhancements. i've been using macs since the SE/30 with system 6. haven't owned a windows box since.
if you recall, more than once during the presentation, steve himself said something to the effect of, "i wish we had more time because there are tons of new features and enhancements planned, but we only have a short time so i'll show you the stuff we've got farthest along."
steve wouldn't lie to our faces like that. apple is all about under promising over delivering. it's in everything they do. buy an HP laptop that says "up to 4 hours battery" on the box and you'll be lucky to get 2.5-3 hours. buy an apple laptop that says "up to 5 hours of battery life" and you can probably get 7 or 8. this is just one example of dozens i can think of off the top of my head.
10.7 is going to be a nice update -- any changes and improvements are welcome after such a long wait between feature updates. don't get me wrong, snow leopard was an awesome update and i'm so glad they did it, but now it's time for something new.
10.7 is of course already floating out there in the wild -
http://www.9to5mac.com/13304/10-7-growing-in-popularity-and-in-the-wild
of course they've already seeded to select developers, and will begin seeding to more and more devs as 2011 approaches. don't think that no one is using and testing 10.7 from now until WWDC (when apple officially "announces" the software to release whenever it does). this is how each release of OS X has happened in the past.
we'll just have to wait and see what's happening. but no, OS X is not becoming a closed system the mimics a toy more than a tool. the app store will be an option, not mandatory, and there will be some other great features in store as well. obfuscating the file system to the "average joe" will probably be a great move. however the root file system will always be accessible by those that need it and know how to do it. besides -- what would you rather have, a computer with a million great new geeky features, or a computer that you can get for your parents and not have them calling every other day to ask how to do something? as a developer and support guy i spend much of my time walking clients through "simple" processes. i would much rather have them use a computer that is easier to use so i can get on with my day and happily still do the geeky things i like to do. lion is moving towards that, and i have no problem with it.
(netdog, i'm with you - $5 says OP stands in line to buy lion)