Thank you very much to the users who pointed out that the Lion DigitalColor Meter tool isn't lame. I set my "View > Display Values > As Hexadecimal" and I'm back to using the DCM as normal.
I'm always baffled at how quickly people start beating up Apple when things get moved, removed, improved, etc. Saying Apple is the new Microsoft is going pretty low. As a result of my work I have to interface with Microsoft products all of the time and there is no comparing the two fairly. While I was certainly frustrated that I couldn't get the hex values (at first) from the new Lion DCM, it never occured to me to start chastizing Apple or insulting Apple developers because of it.
I think that Apple does a great job of implementing user feedback. Any user can submit feedback, bug notifications, feature enhancements, about any hardware device or software application that Apple makes. The form is easy to find. They take those enhancement requests seriously, and we know from past experience that when enough users request something that makes sense, it gets integrated into future iterations of that product. Berating Apple in these forums isn't the place for helpful user feedback. Use the tool instead . And by the way, anyone care to try and navigate the Microsoft website (a user experience nightmare) and find a similar tool? Good luck with that.
I did download the mColorMeter application from the App Store for $4.99. I love the copy/paste features and preferences. It's really handy to be able to compare and see, at a glance (without changing preferences) multiple color schemes, like RGB, Hex, and CMYK, and copy any one of those values. That's certainly an improvement over the Lion DCM and for me makes it easily worth the $4.99.
But if you need just one of those values only, the Lion DCM will work fine thanks to the comments from people on this thread who pointed out how to change it.