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I deleted the discussion of costs. While interesting, it is irrelevant to this question.
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Complementing koiyu's answer

Snow Leopard license/installation

Lion on a USB flash drive from Apple

Scheduled for August 2011.

I assume that amongst other things, this product will require neither pre-installation of — nor a license for — Snow Leopard.

Costs

If that assumption is true then, based on highlights from the press release, the USB flash drive is more economical than an upgrade:

£21.67 … Mac OS X 10.6 Snow Leopard 
£ 4.50 … delivery 
£ 5.23 … VAT 
£20.99 … upgrade to Mac OS X 10.7 Lion 
====== 
£52.39 

or 

£43.99 … Mac OS X 10.7 Lion on USB thumb drive 

License for Lion in multilingual Portable Document Format

After Lion is in installed, the license (EA0730 revised 2011-06-01) is amongst the documentation:

/Library/Documentation/License.lpdf

Finder info for the multilingual PDF

Complementing koiyu's answer

Snow Leopard license/installation

Lion on a USB flash drive from Apple

Scheduled for August 2011.

I assume that amongst other things, this product will require neither pre-installation of — nor a license for — Snow Leopard.

Costs

If that assumption is true then, based on highlights from the press release, the USB flash drive is more economical than an upgrade:

£21.67 … Mac OS X 10.6 Snow Leopard 
£ 4.50 … delivery 
£ 5.23 … VAT 
£20.99 … upgrade to Mac OS X 10.7 Lion 
====== 
£52.39 

or 

£43.99 … Mac OS X 10.7 Lion on USB thumb drive 

License for Lion in multilingual Portable Document Format

After Lion is in installed, the license (EA0730 revised 2011-06-01) is amongst the documentation:

/Library/Documentation/License.lpdf

Finder info for the multilingual PDF

After Lion is in installed, the license (EA0730 revised 2011-06-01) is amongst the documentation:

/Library/Documentation/License.lpdf

Finder info for the multilingual PDF

Source Link
Graham Perrin
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Complementing koiyu's answer

Snow Leopard license/installation

Lion on a USB flash drive from Apple

Scheduled for August 2011.

I assume that amongst other things, this product will require neither pre-installation of — nor a license for — Snow Leopard.

Costs

If that assumption is true then, based on highlights from the press release, the USB flash drive is more economical than an upgrade:

£21.67 … Mac OS X 10.6 Snow Leopard 
£ 4.50 … delivery 
£ 5.23 … VAT 
£20.99 … upgrade to Mac OS X 10.7 Lion 
====== 
£52.39 

or 

£43.99 … Mac OS X 10.7 Lion on USB thumb drive 

License for Lion in multilingual Portable Document Format

After Lion is in installed, the license (EA0730 revised 2011-06-01) is amongst the documentation:

/Library/Documentation/License.lpdf

Finder info for the multilingual PDF