From the Apple store specs for included software in the new mini server:
OS X Lion Server
Includes unlimited-client license, as well as Server app, Profile Manager, File Sharing for iPad, Push Notifications, Wiki Server, iCal Server, Mail Server, and Xsan.
Learn more about OS X Lion Server
OS X Lion
Includes Mail, Address Book, iCal, the Mac App Store, iTunes, Safari, Time Machine, FaceTime, Photo Booth, Mission Control, Launchpad, AirDrop, Resume, Auto Save, Versions, Quick Look, Spotlight, QuickTime, and more.
Learn more about OS X Lion
Lion Recovery
OS X Lion includes a built-in set of tools for repairing your Mac in the Lion Recovery, a new feature that lets you repair disks or reinstall OS X Lion without a physical disc.
Learn more about Lion Recovery
iLife
Includes iPhoto, iMovie, and GarageBand.
Learn more about iLife
I'd imagine if you ignore the server components the machine runs with Lion pre-installed and it's a non-issue unless you're talking about removing Lion server software to gain more storage space.. but that would be dumb imo. That unlimited client license is worth more than you may comprehend at this point in time.