Some more info from the installer log:
Jul 16 15:29:18 localhost Install Mac OS X Lion[344]: @(#)PROGRAM:Install PROJECT:Install-690
Jul 16 15:29:18 localhost Install Mac OS X Lion[344]: @(#)PROGRAM:IA PROJECT:InstallAssistant-221.5
Jul 16 15:29:18 localhost Install Mac OS X Lion[344]: Hardware: iMac12,2 @ 3.10 GHz (x 4), 4096 MB RAM
Jul 16 15:29:18 localhost Install Mac OS X Lion[344]: Running OS Build: Mac OS X 10.7.5 (11G63)
Jul 16 15:29:18 localhost Install Mac OS X Lion[344]: Env: PATH=/usr/bin:/bin:/usr/sbin:/sbin
Jul 16 15:29:18 localhost Install Mac OS X Lion[344]: Env: PWD=/
Jul 16 15:29:18 localhost Install Mac OS X Lion[344]: Env: SHLVL=1
Jul 16 15:29:18 localhost Install Mac OS X Lion[344]: Env: __OSINSTALL_ENVIRONMENT=1
Jul 16 15:29:18 localhost Install Mac OS X Lion[344]: Env: CI_DEFAULT_OPENCL_USAGE=0
Jul 16 15:29:18 localhost Install Mac OS X Lion[344]: Env: OS_INSTALL=1
Jul 16 15:29:18 localhost Install Mac OS X Lion[344]: Env: _=/System/Installation/CDIS/LCA.app/Contents/MacOS/LCA
Jul 16 15:29:18 localhost Install Mac OS X Lion[344]: OSInstallChunkedDownload loaded...
Jul 16 15:29:18 localhost Install Mac OS X Lion[344]: OSInstallChunkedDownload loaded...
Jul 16 15:29:25 localhost Install Mac OS X Lion[344]: Machine not in database, falling back to app store...
Jul 16 15:29:25 localhost Unknown[305]: 2014-07-16 15:29:25.465 Install Mac OS X Lion[344:9f03] Couldn't find app store version, falling back to hardcoded
Jul 16 15:29:25 localhost Install Mac OS X Lion[344]: Can not connect to /var/run/systemkeychaincheck.socket: No such file or directory
Jul 16 15:29:26 localhost Install Mac OS X Lion[344]: Using product <IAPisaSource: 0x10850ea10> at distance 25
Jul 16 15:29:26 localhost Install Mac OS X Lion[344]: Using product <OSInstallESDProduct> based on distribution at /var/folders/zz/zyxvpxvq6csfxvn_n0000000000000/T/OSInstall.mpkg at distance 5
Jul 16 15:29:26 localhost Install Mac OS X Lion[344]: Checking Software Update catalog URL http://swscan.apple.com/content/catalogs/others/index-lion-snowleopard-leopard.m erged-1.sucatalog
Jul 16 15:29:26 localhost diskmanagementd[324]: DM ->T+[DMToolBootPreference getPartitionBootability:]: inUDS=0x1101d0c30=disk0s2=New Disk
Jul 16 15:29:26 localhost diskmanagementd[324]: DM ..T+[DMToolBootPreference getPartitionBootability:]: PMBootable=1 (bootable right now without any further action)
Jul 16 15:29:26 localhost diskmanagementd[324]: DM ..T+[DMToolBootPreference getPartitionBootability:]: PMBootCapable=0 (bootable if you call MKCFPrepareBootDevice)
Jul 16 15:29:26 localhost diskmanagementd[324]: DM ..T+[DMToolBootPreference getPartitionBootability:]: PMBootSurgeryRequired=0 (for primitive MBR on BIOS, add boot block and loader)
Jul 16 15:29:26 localhost diskmanagementd[324]: DM ..T+[DMToolBootPreference getPartitionBootability:]: PMFSSurgeryRequired=0 (for primitive MBR on BIOS, add boot block and loader)
Jul 16 15:29:26 localhost diskmanagementd[324]: DM ..T+[DMToolBootPreference getPartitionBootability:]: PMNewfsRequired=0 (bootable with MKCFPrep but it will rudely carve)
Jul 16 15:29:26 localhost diskmanagementd[324]: DM <-T+[DMToolBootPreference getPartitionBootability:]: MKerr=0 out=4=0x4
Jul 16 15:29:26 localhost Install Mac OS X Lion[344]: No available package ref for compatibility update. Ignoring.
Jul 16 15:29:30 localhost Install Mac OS X Lion[344]: Using product <OSSoftwareUpdateCatalogProduct> from product keys 11G63_ServerEssentials at distance 25