The problem with the "return to Snow Leopard" as a fix, of course, is that it invariably precludes you from some new (and very nice) software offerings that are Lion-only. iBooks Builder is the most recent example (even though yes, there's a hacky workaround to get it into SL.)
And services, too. The one in particular I'm thinking about is iCloud. iCloud requires Lion. MobileMe will be discontinued, come June. Then what? I have iOS (iPad, iPhone, AppleTV, etc.) and iCloud is the most elegant glue that keeps them synced. Sure, there are suitable replacements for certain elements like email, contacts, calendar and document storage (ie: Google Apps, Exchange, DropBox etc.) but what about the other cool stuff, like iCloud backup, Find My iPhone, and PhotoStream?
And so, I have bit the bullet and embraced Lion. I removed the godawful "Launchpad" icon from my dock, and disabled any keyboard shortcuts to it. I've also upgraded to an SSD drive. I've tweaked the settings, added some third-party apps that help tame the beast (like RestoreMeNot, BetterTouchTool, and others.) And I've embraced iCloud. iTunes Match too. And I have to say, Lion's pretty darn awesome now.
At the end of the day, the "rubber band scrolling" sure is annoying, but not as annoying to me as being precluded from the latest and greatest. Yes, it's simply bad UI for a desktop or laptop screen and should never have made it's way into MacOS I do hope we see one day a way to toggle it off -- from Apple, with an explicit or hidden preference, or a third party. Until then, I have managed to just chalk this bad UI element up to being one of those annoyances I can live with. There are certainly bigger fish to fry, and life's too short.
Apple's made it clear, Lion (and the iOSification of our software) is the future. I'm not going to rest on ceremony and downgrade to SL over the rubber band scrolling issue alone.