Woof... this is some big exchange. I only clicked on it because of the all-caps name of the thread. It's funny, in many years of posting on these forums... I've only raised enough ire to get my post taken down once, and it was for saying exactly the same thing ("don't update...etc."), but about iPhoto (which has what seems like some missing elements, imho).
So I'm here because I'm surprised the original post behind this warning is still up... just wanted to see what it was. And now that I have, may I weigh in, Kissinger-style?
I am, full disclosure, a big fan of Apple products. We've owned just about every iteration of whatever they've introduced, except perhaps the Lisa in the early '80s and the Newton (okay, we gave a lot the pass during the Sculley era). Plus just about every hardware and software update since. I even own shares and was once asked to write sales copy for them (I turned it down because my plate is already too full).
So, though I hate the term "fanboy," you could probably accuse me of being one and I'd have a hard time defending against the charge.
That said, I've installed Lion and had exactly the same wifi drops. While I don't know if the number of other users out there with the problem is "50" or "millions" -- possibly somewhere in-between -- I'll bet it's not too risky to say that many others have experienced the trouble too. For that reason, I've been trying to spread the word on a very simple 'fix' that temporarily alleviates the problem, involving a repeat 'ping' sent via Terminal (you can search for it, it's everywhere by now).
I think it's also safe to say, too, that Apple is aware of and working to fix the problem. I'm not trying to give them a pass for releasing a flawed OS. Just saying, early bugs are not unprecedented. I doubt there's any operating system that's ever been released without one. That doesn't mean getting mad about it is unjustified... dropped wifi is a pretty annoying bug... just that it makes sense to keep some perspective on these things, yes?
As for the warning not to install, I'd just say that maybe it's worth taking a wider poll before coming to that conclusion. You might very well want to wait... and I'm guessing you won't have to wait long for a cleaner, updated version... but, in just one user's opinion (mine), once the wifi temporary 'fix' is in place (the 'ping' thing I mentioned), Lion turns out to be -- again, my opinion here -- a very nice operating system.
It's fast and I love some of the new features. What I don't love, like the scrolling, I was able to change back to what I like. Ideally, one would check out Lion on a friend's machine or at the Apple Store, and if you agree... find the fix in the forums and go ahead and install.
Like I said, I had the problem with wifi before... now I don't... and I'm glad to have Lion up and running.
Just one guy's opinion.