Among other things, Apple warns you to back up your system before installing it : ) No upgrading from Lion Developer Preview 3 to final Lion release.
My sounces say Mac OS X Lion has a so-called Recovery HD, used in place of an installation DVD. It has Disk Utility, etc. To shut down, you hold ⌘-R while booting ...
There's also a way to move PC data via setup and migration assist apps, sources say. But you have to download the migration assistant app for the pc from the mac dev center : )
There are some known problems with this release, but that's cool. It's a PREVIEW.
- The Recovery HD may not always work with unsupported partitions.
- You can't use it on a RAID. Really, don't. The LION installer can make the volume non-bootable.
- Network migrations supported: Only Mac OS X v10.6.6 (probably with the migration assistant update installed, too).
- Developers have to manually install Java for MAC OS X 10.7 from the developer link at Apple. Cripes.
Apple is collecting bug reports. I'm expecting to get screenshots from sources soon : ) Stay tuned!