Save as has been brought back. It stinks, but it's back. You have to hit the option button.
I'm in agreement with everyone that thinks Apple has severly been downgrading the GUI since Snow Leopard. The lack of scroll bar arrows has driven me to buy a *shudder* cheap Dell, just to increase the speed of my work flow. I have no idea why they thought taking away Save As was a good idea, it was moronic, but at least they sort of brought it back.
I think they've let the sales department dominate the engineering department (and yes, this was going on in the latter Jobs era too, so don't just blame the new guys). Sales wants to sell those horrible magic trackpads, so engr has to hamstring anything that makes the mouse work easy. Problem is, trackpads are less exact than mice, so the net effect is a downgrade in productivity. They are NEVER going to catch up to windows if they keep thinking like that! The lack of 'save as' was to make your mac work like an iPad (in theory boosting iPad sales -- but in reality just making me wonder if I shouldn't become one of the growing number of "Switchers back.")
I've been a hard core believer in the mac for more than a decade, but they are losing me very quickly.