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Errm... If you're in Full Screen mode, you won't be able to "Show Desktop".

When you're not in Full Screen... it works fine. I use Command+Expose.
 
If you're referring to the gesture to show desktop, it's no longer four-finger swipe up. It's now thumb + three-finger pinch out.

I'm having similar issues but this new swipe doesn't work. I can get "launchpad" to work, which is the opposite motion but not show desktop. I have to minimize everything. Feels like I'm using a PC...dirty :(
 
I'm having similar issues but this new swipe doesn't work. I can get "launchpad" to work, which is the opposite motion but not show desktop. I have to minimize everything. Feels like I'm using a PC...dirty :(

Go into System Preferences > Trackpad > More Gestures and make sure "Show Desktop" is checked. If it is, then it's likely that you're doing the gesture wrong.
 
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