A million times this. A temporary fix (if you have up to four spaces) is to assign the arrow hotkeys to go to a space directly -- that speeds up the super slow animation to about what Snow Leopard's animation was.

The ability to completely disable the animation (like we could in Snow Leopard) would be amazing though.

The intensity of the swipe seems to affect the speed if that helps any. A fast swipe switches spaces almost instantly... I don't know how practical this is on a magic mouse but it works ok on a trackpad.