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I'm curious too. I'll save $30 if I can as I'm going to get a 2nd Mac soon.

I will be using my iTunes login for my new Mac and thus won't Lion be tied to that login and good for my current Mac as well?

No, you'll only get one license for the new Mac. To get more than one you'll have to buy it from the App Store.
 
Why are all of you guys so hostile?

When my brother bought a MBA with Snow Leopard I used his install disk to upgrade my MBP to Snow Leopard so it's not that outrageous for the OP to think there might be a way to do it since you could in the past
Just because you CAN do something doesn't mean that you SHOULD do something or that it's the RIGHT thing to do. OEM versions of an operating system are always tied by the LICENSE if not the physical disc to the hardware with which they are sold. The OP has no ground to stand on.
 
I installed Lion by restoring the base DMG to a FW800 external and then booting to that to install it. I subsequently booted to the recovery partition to repair disk permissions on my drives. It just pops up as another disk.

Given what I've seen so far, I have no reason to think the following would not work
* Boot your Lion Mac in target disk mode by holding T at startup
* Connect Lion Mac to SL Mac with FW
* Boot SL Mac while holding Option key
* Select Lion recovery partition as boot disk
* Run Lion installer and point it to the appropriate disk on SL Mac

Would test this bit my MBP has been defragging for like 6 hours and I'm not going to stop it.

*EDIT* Ok I just tries this and it totally works. Just use your Lion Mac recovery partition as the install disk - done.

So much arguing on the internet over something so silly.

I Googled around just a little to see if there might be some way to burn a boot disc from Lion's recovery partition (wherever/however that's stored), but I didn't see anything helpful.

I say just torrent it if you think it's justified. Buying it on the Mac App Store is obviously the good option as well. Let people continue to be angry on MacRumors and have your problem solved.

Either way though -- I'm recommending to people to burn a bootable disc (or flash storage device) with their Lion image before they use it to install.
http://www.macworld.com/article/161069/2011/07/make_a_bootable_lion_installer.html So now you'll still have that if you need it in the future. :)

I Think in order to do this, you must have already purchased Lion. I keep getting "This Apple ID has not purchased Lion." Mac OS X Lion was installed on my Mac after it was sent back from Applecare after repair (before Snow Leopard was installed). I just want to install it on a different partition on the hard drive but it won't let me.

I did just buy a MacBook air for my wife a few days ago and that came with Mac OS X Lion installed on it. That's configured to the same App Store account. I wonder how the recovery disk would work for pulling the installer files down? Again, Lion was never bought, it just came with the new computer.
 
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