Running an iMac 2.8GHz.
Application performance is speedy: most apps open immediately, on first Dock bounce (unless I've bogged the system down with something big).
OS performance: Good. I haven't really noticed anything, positive or negative, so I guess it's 'just working'. (Except the mds process running and taking up 800MB of RAM and 1.5GB of virtual memory. That's happened a few times.)
RAM: I've read the problems people have been having, and, I've had none of them.
Is RAM usage less than SL for me? With respect to using the OS for days and having various applications open, yes.
I upgraded to 8GB from 6GB just before getting rid of SL, and the usage change is dramatic (for the most part, I have the same apps, settings, start-up processes, etc running in Lion as I did in SL).
At start-up, I have no SWAP in use. In SL, I had, at minimum, a constant 512MB cap with about half in use under 6GB, while it halved when I upgraded to 8GB. After four days in Lion, my SWAP cap went up to 256MB and stayed there with usually way less than half used. I also have 4.55GB of RAM free right now after a fresh restart, more than I think I've ever seen in SL.
And I'm pretty certain that RAM management in general is far superior in Lion than in SL. If I opened something like iPhoto/Safari-with-a-ton-of-tabs in SL and it ended up bogging down the system, quitting it would only solve the slowdown a bit. I'm not sure what's different, but in Lion it feels like I might well have never opened or had running a resource-hungry app. RAM free-upping feels more fluid.
Conclusion: I wouldn't run Lion with less than 6GB RAM. 2GB seems really pushing it, and many of the posts from other users makes it sound like 4GB is inadequate.