Apple's Mac OS X Lion preview 3 out to developers -- note is according to sources.

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!

gs