I'm used to either Visor or iTerm providing "instant" full-screen terminal access, but taking apps full-screen in Lion seems to involve a nearly tedious animation.
Granted, now that I think about it, I have seen a bug that makes Spaces-switching slow, so it's possible I'm just seeing the same thing in the full-screen animation.
To put it another way, the result is fine, I just don't like the transition.