Actually, download it, then move it from the apps folder to another location as it deletes itself after installing on that machine.Indeed.
Op, extract the lion DMG from the app store download (I'm assuming that you can), install the VM however you feel like
Although it would probably be a waste of space IMO
It depends on your requirements. You might not need to run OS X in a virtual environment. But as a software developer or sysadmin, that sort of thing is invaluable for testing purposes. I'm happy to see that Apple's OS X license now allows such things - it's going to make my job easier.Although it would probably be a waste of space IMO