Just installed lion on early 2008 MacBook Core duo 2 with 4 gig ram. Shows lots of promise. Installation took 30 mins and worked straight away. All apps and data were there, just the same as in snow leopard. However, ran software update. It took about ten minutes to tell me I needed the new version of iTunes. It then started downloading said iTunes. Estimated time 2 hours. Thought 'that can't be right' but almost an hour in, it's still saying 50 minutes remaining. Absolute madness. I've checked my broadband speed, I'm getting 32 meg!! This machine was lighting fast with SL. Quite concerned. I hope they sort this out. The only reason I got lion was so I can set up iCloud.
If your reason for thinking that it's slow is a slow iTunes download, remember that several million people are going to be downloading that same update over the course of the next few days. So yes, it will be slow, but it has nothing to do with your computer. Apple's update servers are a bit overwhelmed at the moment.