I suppose it's not too late to reply to this topic. I too, have been disgusted with Lion because something broke the memory management. The initial serious issue was Safari: that thing leaked memory like a sieve and had you swapping in no time. But the Google fixed Chrome on Lion (initially it was broken) and chrome has the decency to free up all its memory when you close one of its windows.
But the main thing I have noticed is that Lion swaps way more than Snow Leopard. I have 4Gb of RAM and I literally never swapped. I have a widget which shows me when I am swapping and it was always 0.
Since Lion it can be anywhere between 1 to 3 and somethings 4 Gb of swap. ***!? That is outrageous. I certainly didn't change my habits from the day before when I was using Snow Leopard so what was it? Well, I never found out. But what I figured out by accident later is, Swapping doesn't matter if you have an SSD instead of a regular HDD. Memory-based "disk drives" are so fast you can swap stuff back in and barely notice. So my theory was that all the Apple engineers were just developing on SSDs and they changed the system parameters to favor one sort of memory management over another, and nobody noticed it was destroying the experience of everyone with regular hard drives. To put this into perspective, my 1 year old, 4Gb MacBook pro was completely hopeless on Lion. I was annoyed and disgusted by the whole affair. Then I got an SSD and I am happy again.
Don't get me wrong. I am ****** off at Apple for having this problem. If there were an alternative I'd be so gone. However, I have come to believe that this is a bug. After reading around people seem to think that the "inactive" memory is allowed to grow and grow (that's one thing) and that the file cache seems to be configured in such a way that it is constantly pushing real application data into swap. There is no other wray for me to explain why my wife, who runs Chrome and Mail and a few other things is now swapping to the tune of 6Gb. SIX Gb on her 4Gb laptop.
Then I happened to notice that if I run "fs_usage" to see what file system activity might be running, I found that my Mail.app was performing a scan of my extensive mail archive pretty much constantly. 110k file stats per minute that first day that I checked. And I though, if that's reading a huge file system hierarchy (I have all my mail since 1997) constantly, maybe that file cache churn is causing my swap problem. So I killed Mail.app, rebooted my computer, resurrected Thunderbird email (man does it suck in some ways) and I was running for 24 hours with only 400Kb of swap. That's KB not MB or GB.
I find those results interesting and they give me hope, assuming anyone in apple would ever care to get to the bottom of this problem. So let me summarize: I think Mail.app gets in this mode where it scans the file system and sometimes it just goes nuts. That causes other file access to be slow (I had really BAD problems with my original non-SSD computer on Lion, and I bet this was why!) and it causes programs to get swapped out. And once you swap on a non-SSD system it's pretty much game over.
Today I am back on Thunderbird again. Been up and running for 8 hours and my swap is still at 0. I don't know - I think I might be onto something ...
Or not ...