Lion Disk Maker creates a Lion installation file from the Lion DMG file that you download from the Mac App Store. All you need is a USB stick or external drive of at least 4GB and Lion Disk Maker creates a bootable version of Lion.
The program’s in French, but don’t let that stop you. It’s as easy as downloading the, unzipping it, dragging the Lion DiskMaker to your Applications file, plugging in a 4GB or larger USB key or SD card and running the app. As long as your Lion installer is in the Applications folder — which is where it goes by default when you download it under Snow Leopard — Lion DiskMaker will then format your key appropriately and make the key bootable with Lion.
Pretty great. Let’s hope for an English translation down the line, though.