According to Thomas Brand, it’s pretty easy:

  • Purchase and download Lion from the Mac App Store on any Lion compatible Mac running Snow Leopard.

  • Right click on “Mac OS X Lion” installer and choose the option to “Show Package Contents.”

  • Inside the Contents folder that appears you will find a SharedSupport folder and inside the SharedSupport folder you will find the “InstallESD.dmg.” This is the Lion boot disc we have all been waiting for.

  • Copy “InstallESD.dmg.” to another folder like the Desktop.

  • Launch Disk Utility and click the burn button.

  • Select the copied “InstallESD.dmg.” as the image to burn, insert a standard sized 4.7 GB DVD, and wait for your new Lion Boot Disc to come out toasty hot.

I’m going to test this tomorrow, but if its true, I will be a very happy IT guy.