According to Thomas Brand, it’s pretty easy:
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Purchase and download Lion from the Mac App Store on any Lion compatible Mac running Snow Leopard.
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Right click on “Mac OS X Lion” installer and choose the option to “Show Package Contents.”
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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.
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Copy “InstallESD.dmg.” to another folder like the Desktop.
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Launch Disk Utility and click the burn button.
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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.