Personally, I'm disappointed Lexus dropped the Sport Package for 2011... it has a lot more "useful" features compared to the F-sport package which is largely cosmetic.
You basically lose the rain-sensing wipers, vented seats, memory seats, power tilt/telescope wheel, and auto dim/tilt side mirrors
and all you gain is the spoiler (which you can add by itself to the old sport package), better side bolsters on the front seats, and a few cosmetic touches (shift knob, grill inserts, etc).
I'd have preferred if they had offered two sport packages (like they offer two luxury packages) and have one be the old sport package, and the other be the old sport package PLUS the cosmetic F-sport stuff.
But the F-sport is all they offer, so if you don't care about the features they dropped from the old sport package it's still the only way to get the factory sport suspension on the 350... (which I'm a fan of)