Dual-boot configurations work fine, so long as you keep them on different drives (or just on different partitions).
The issue I see is that if there are two different apps, one that's Intel code and one that's PowerPC code, there is the possibility of wanting to run both while under SL and the Intel app under Lion. If there is an update to the Intel app that only applies to Lion, then you can end up losing version parity between the two, forcing you to decide which platform you want to use it under. The prime example of this is iPhoto. I'd like to be able to run iPhoto under both, and only need to pull out SL when I need access to some higher level tools. But I don't want to be cut off from other tools, such as iPhoto, when I'm working under SL.
So, I say again, dual-boot systems seem clunky, at best, and unworkable, at worst. When different tools are accessible under different versions of the OS, necessitating a reboot just to switch between tools, that's pretty clunky. When tools that are desired to be, more or less, universally accessible don't have version parity or can't access a common database across both OSes (an easy example here would be Mail, and who knows what kinds of headaches would come up having Mail under SL and Mail under Lion both: separate mail libraries? Messages stored on one OS but not the other? GROAN!), then if becomes simply unworkable.
Rosetta is gone (regrettably) and it doesn't appear to be coming back, nor do I think we'll see any 3rd-party solutions offered. If you're still using apps tied to PowerPC code, now is the time to start thinking of "migrating" apps and data to an Intel-compatible format.
Granted, this can be a LOT of work. I've barely gotten all my data "out of" apps that are still running under "Classic"! (was still using a version of the old MS Works program dated 1993)
But it can be done...
Truth be told, I still have some apps that I access under OS9. I have found SheepShaver to be a reasonable, though not great, way of doing that. I never found "Classic" itself to be all that great, as it really was just a virtualized OS9, not an integrated runtime library. As such, the step from "Classic" to SheepShaver is a small one. On the other hand, Rosetta is/was an integrated runtime library. With Rosetta, it was possible to be running older apps without ever realizing that you were. Given that, even stepping to an integrated virtualization environment, similar to Classic, or akin to the "desktopless" mode in Parallels and VMWare, is a much bigger step, let alone trying to adapt workflow to the headaches that can come along with dual-boot.
I will try Lion out on a separate partition, but, given that it would cost me a couple thousand dollars to either upgrade all of my perfectly functional software to Intel versions, or buy new software to replace older software that doesn't have Intel versions available, I expect that I'll be sticking with SL as my primary (i.e. 99%+ use) OS.