Yeah, I would love it if you could show two full screens in lion. But that said, I kind of see what apple are doing...it,s meant to be fullscreen....the idea of using only one app at a time. For example, when I hook up a tv to my mac to watch fullscreen tv shows, it's nice that it blanks out the other screen for me. All in all, though, would like to see an option. Just use the other screen as the primary desktop would suffice.
I used expose all the time in snow leopard, and never used spaces, but I found in lion that I really like fullscreen mode, so i don't have multiple windows anymore. I keep wondering if I was pushed into using fullscreen because missin control is kind of a mess, or if fullscreen is just awesome. Hard to tell.