Hi,
I did the App Store update and then used this latest build to update my USB thumb drive-based Lion install image (from InstallESD.dmg).
Guess what? The thumb drive will boot (and can be used to diagnose / install on, etc.) my 2-year-old MacBook Pro, but it still will not boot my brand new MacBook Air.
So, somehow even though we are now at 10.7.1, Apple is still shipping an InstallESD.dmg that is not a universal installer for the latest shipping hardware that has been out for nearly a month. This is pretty unbelievable, but there you have it. It would be understandable (and consistent with past build strategy since 2001) if Apple needed a month or so to release a version of the GM build with the latest hardware drivers for new hardware, but now they've had that chance and must have chosen to intentionally omit them from the App Store build, which means that they are maintaining 2 versions of the GM -- one that has everything you need ($70 USB key retail version), and one that does not (App store version). This explains why Apple waited to release the MB Airs and Lion GM in tandem -- they wanted to be able to say that the App Store version is only for upgrades to pre-mid-2011 Macs; in fact this strategy literally prevented them from being able to release the new Airs without Lion.
It's also extremely annoying, to say the least.
Will now march over and order the $70 USB install key from Apple. Which, by the way, the Apple Palo Alto retail store manager today told me can only be purchased online and will never be carried in retail stores. (YMMV, but that is what he said.)
-c
P.S. Please don't ask why I need a Lion installer for my MB Air.... I need this because I'm particular -- I'm not going to put my precious files on any computer whose OS I did not install from scratch -- else how can I be sure I can replicate the procedure if I have to replace the drive in the future? Must have that bungee cord firmly attached before I jump...

The Recovery partition doesn't really help if you have to replace the physical disk, which I understand has a limited lifetime even though it's Flash-based. So if I have to choose between
maybe being able to recover, and
definitely being able to recover, Ill choose definitely.