Heads up to TUAW for finding this from EggFreckles
http://eggfreckles.net/tech/burning-a-lion-boot-disc/
http://osxdaily.com/2011/06/08/create-burn-bootable-mac-os-x-lion-install-disc/
Lion Recovery
OS X Lion includes a new feature called Lion Recovery that includes all of the tools you need to reinstall Lion, repair your disk, and even restore from a Time Machine backup without the need for optical discs.
About Lion Recovery
Recovery HD
OS X Lion includes a built in set of utilities in the Recovery HD. Restart your Mac and hold down the Command key and the R key (Command-R), and keep holding them until the Apple icon appears, indicating that your Mac is starting up. After the Recovery HD is finished starting up, you should see a desktop with a Mac OS X menu bar and a "Mac OS X Utilities" application window.
Lion Internet Recovery
If you happen to encounter a situation in which you cannot start from the Recovery HD, such as your hard drive stopped responding or you installed a new hard drive without Mac OS X installed, new Mac models introduced after public availability of OS X Lion automatically use the Lion Internet Recovery feature if the Recovery HD (Command-R method above) doesn't work. Lion Internet Recovery lets you start your Mac directly from Apple's Servers. The system runs a quick test of your memory and hard drive to ensure there are no hardware issues.
Installing Lion on an external storage device
Your storage device must have at least 13 GB available (after formatting) to install Lion and an Internet Restore partition.
These steps will erase and reformat the storage device. This article will instruct you on setting up the storage device to use the GUID partition scheme and the Mac OS Extended (Journaled) format, which are required to install Lion and an Internet Restore partition on your external storage device. You should back up any important files that are on the device to a different drive.
This procedure will install a version of the OS X Lion that is compatible with the Mac it was created with. Using this Lion system with a different kind of Mac may produce unpredictable results.
Your computer's serial number will be sent to Apple to help authenticate your request to download and install OS X Lion.
Use these steps to install Lion from your Mac to a different internal hard drive or to an external USB, Firewire, SDHC or SDXC card, or a Thunderbolt storage device
create an external, bootable OS X Lion hard drive with a Recovery HD, first. You will be able to return to the upgrade to OS X Lion on your computer's boot drive after creating the external Recovery HD.
When installation to your external device is complete, you can re-run Install Mac OS X Lion installer and upgrade the boot drive of your computer. A Recovery HD will likely not be created, but if you need to reinstall or repair your boot drive at a later date, you can connect the external drive you just prepared and hold cmd-r while restarting computer in order to boot from the external Recovery HD.
http://support.apple.com/kb/HT4718
I've never been a fan of DVD when it is possible to boot from other media, such as 16GB flash, USB or FW device will do.
