Mac OSX Lion full screen view is now supported. I have not been using full screen view on my Mac much because Microsoft Office did not support it, so I could not switch over my entire workflow. I will give it another try now. Details of the update are here.
UPDATE: Full screen mode does not really work with multiple monitors... Well it works, but leaves the 2 other screens I have blank. So I will use full screen mode only when traveling with my laptop. Hopefully this gets fixed in a future Lion update.