just purchased lion how do i see status on download?
Using Safari I assume?
⌥⌘L, or Safari>View>Show Downloads.
Whenever you purchase something from the App Store, you can see the progress by clicking the Purchases button within the App Store. That will show a progress bar next to anything currently in the process of downloading.
If you open LaunchPad, it will also display a progress bar on the item being installed.
I think the App Store icon in the dock will display a status, but I'm not certain about that. I took mine out of the Dock, but I thought I've seen that before.
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