Just repeating what I said above:
- the pathetic Airport Utility (the availability of version 5.6 notwithstanding);
- the even more pathetic OS X Server (or what remains of it);
- the less-than-ideal implementation and performance of OpenGL/GPU drivers;
- lack of built-in video codecs for Safari and QuickTime (why do I have to install the now-dead Perian for that?);
- lack of possibilities to tweak settings such as mouse polling rates (so as to avoid jumpy cursors in third-party mouses);
- resolution-independence options as referred to above - I mean, Apple has ALWAYS been at the forefront of handicapped people's needs - but now even Windows makes it easier to maximize UI elements as a whole;
- 64-bit awareness and multithreading across the board (I have EIGHT cores waiting to be used and only HandBrake or a handful of pro apps employ them!);
- basic Blu-Ray support (not that I care either, but why not?);
- dual/triple monitor unified desktop support;
- Safari memory leaks (not that I personally care with 16GB of RAM);
- iMessages' disk space bug (which ends up consuming all RAM plus all available space in the startup disk);
- better WebDAV and so on;
- a growing disregard for Apple UI standards across the board.
In other words, absolutely nothing relevant apart from iOS and Cloud-driven tweaks. No Finder revamp, no iTunes streamlining, no new file system, no expanded codec media support, no consistent UI, no new server tools. Sad to know. As for speed, Lion is already blazing fast on my iMac...so it seems to me ML should be a free upgrade.
As for major/exciting features from previous OS X versions (source Wiki):
Panther - In addition to providing much improved performance, it also incorporated the most extensive update yet to the user interface. Panther included as many or more new features as Jaguar had the year before, including an updated Finder, incorporating a brushed-metal interface, Fast user switching, Exposé (Window manager), FileVault, Safari, iChat AV (which added videoconferencing features to iChat), improved Portable Document Format (PDF) rendering and much greater Microsoft Windows interoperability;
Tiger - Among the new features, Tiger introduced Spotlight, Dashboard, Smart Folders, updated Mail program with Smart Mailboxes, QuickTime 7, Safari 2, Automator, VoiceOver, Core Image and Core Video;
Leopard - New features include a new look, an updated Finder, Time Machine, Spaces, Boot Camp pre-installed, full support for 64-bit applications (including graphical applications), new features in Mail and iChat, and a number of new security features.
Snow Leopard - Mainly performance improvements, so I won't go into that;
NOW let's look at Lion and the dismal set of new features:
Lion - It brought developments made in Apple's iOS, such as an easily-navigable display of installed applications (Launchpad) and (a greater use of) multi-touch gestures, to the Mac. This release removed Rosetta, making it incapable of running PowerPC applications...auto-hiding scrollbars that only appear when they are being used, and Mission Control, which unifies Exposé, Spaces, Dashboard, and full-screen applications within a single interface. Plus resume and versions.
ML - More iOS crap; Gatekeeper (merely sandboxing improved); Reminders, Notifications, iMessages. What else? More iOS crap.
Now look again above and check Panther and Tiger's set of features against Lion and ML's pathetic changes. Do I really need to continue?