Here's how I got back to Lion from ML - I too did not have a Time Machine backup
1. Backed up Calendar and Contacts (file/export) and copied to USB HDD
2. Copied the text of all my Notes into one Word file ad then to HDD
3. Did nothing with Reminders as this function is not in Lion
In retrospect, I probably did not need to do any of this as I had Cal, Contacts & Notes on my iPod touch and had not syc'd since installing ML
4. Manually copied all my docs, pictures and the total iTunes directory to USB HDD
5. Took my MacPro to the local Apple store - where I'd been the previous day to find out if I had misunderstood ML .. I hadn't - and the great folks there re-installed Lion.
6. Re-install MacOffice and copy over docs
7. Re-do all the basic set up stuff ... screen save, touchpad ...
8. Re-install Calendar & Contacts data (file/import) then laboriously created new set of Notes from the Word file. This took forever.
9. Copy backed-up iTunes diectory to the Mac, overwriting exisiting (essentially empty) directory put there by new Lion install. Set up iTunes to sync the way I want with iPod touch
Hey presto ! All done, system normal. All in all Apple wasted well over 12 hours of my precious time on this deal so I'm pretty ticked. All kudos, however, to the great support from the local Apple store - those poor guys were wandering around scratching there heads with an "I can't believe the Cupertino bozos pulled this stunt" look on their faces.
Total agreement about iCloud. See Woz's statement on this just a oouple days ago - he is NOT a fan.