Which OS X Lion features would not be available on a late 2008 MacBook model? Which OS X Lion features wouldn't work on a late 2008 MacBook?  The system in question has a 2.1GHz Core 2 Duo CPU and has been upgraded to 4GB RAM and a 500GB hard drive, so it meets the hardware requirements.  (Oh, and the MacBook is white.  ;-)

Am I right in thinking the only major thing not supported would be the lack of some multi-touch gesture functionality, assuming no external trackpad is attached?

Or, is there something else I'm missing?  Thanks.
I think your MacBook should support all of Lions features except the gestures as you mentioned. I checked using MacTracker and your MacBook doesn't support the multitouch so you will not be able to use some of the more complex three and four finger gestures.

The only other feature I questioned was Airdrop but a quick search found that Airdrop is supported.

Enjoy!