The website subrosasoft.com, Inc has written an article about how to “Create A Bootable Mac OS X 10.7 Lion Flash Drive.” On their home page, they talk about their newest software product. FileSalvage version 7. It can be used to undelete file from Mac OS X systems.
As you know, Lion will only be available from Apple as a download from the Mac App Store. (Correction as of 7/21, it has been mentioned that a USB Driver version of Lion will eventually be available.)
There are only 10 steps to the process, so I can’t go into much detail without repeating the whole article. Of course it starts out instructing you to purchase and download a legal copy from the Mac App Store using any Mac running Snow Leopard.
From there, right click on the installer, using “Show Package Contents find the .dmg file. Use that to create a bootable disk on a DVD or a thumb drive using Disk Utility.
As soon as I get my copy, I will try it.
See the full instructions here: http://subrosasoft.com/blog/2011/07/create-a-bootable-mac-os-x-10-7-lion-flash-drive/
I am sure that others have posted these instructions as well, but this is the first site I have found. I don’t know if Apple has endorsed this or not, but I really doubt it.
