This is the most correct answer to this entire problem IMO.
I have this drive, the Seagate ST9500420AS
My machine is fast enough, a 17" MBP 2.66ghz C2D
I have enough RAM, 6GB
I have repaired the drive while booted from an external Lion disk
I have repaired permissions multiple times
I have completely wiped out the internal drive and reinstalled Lion, twice
I have obviously waited for the indexing to complete
I have removed just about all the extra frameworks from the startup routines
I have looked for broken fonts using an Adobe utility
I have removed "background" programs like LittleSnitch and iClipboard and Expandrive to no avail
I believe I have done pretty much *everything* to help solve this consistent problem.
Except one.
I opened up the computer and put in a jumper to force the drive to a 1.5Gbps transfer rate (which About This Mac *said* it was running at) and, 2 days later, the problem has not resurfaced. In reality, I could tell right away my machine was faster.
I suspect that the problem is that the OS believes it has negotiated a 1.5Gbps speed to the drive, but has not somehow told the drive via a command block to *stay* at that speed and drive keeps throttling up to 3.0Gbps. This would cause drive related transactions to constantly renegotiate / handshake / fail-over to the 1.5Gps rate.
As these little micro-second handshakes add up, the machine starts to stutter to the point that typing is a real painful chore...
To the point:
for those suffering from *slooooow* Lion, in my experience, if you cannot update your drive firmware, force the drive transfer rate (via a jumper if possible) to the same rate which your "About This Mac" says it is operating at.