This feature is indeed missing in Lion. The reopening of the previously open applications after shutdown is a partial solution, but it takes some time. I checked it a few times now and it looks OK, after a week of stable use I'll pay the reasonable fee. One request - can the application dismount all external drive before hibernation ? This will help if I'll hibernate my MacBook Pro, and then more it to another location (I don't want to wake it up, dismount, and hibernate it again).