I would assume, there is a new iboot/multibeast ready to go, just waiting for lion to release. I also assume a clean install will be possible, and easy. These are my assumptions based on rumors I have heard.
No, you can burn the .dmg to disc and do a clean install, very easy on real mac. Hacks will need a new type of bootloader. Im sure Tony and crew already have one, and are just waiting til lion is available to the public.
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