Yes it is. In fact I have done exactly that with the RC1 of Lion. I used Carbon 
Copy Cloner to copy my internal drive system and all to my Time Machine drive. 
If I want to run Lion, I reboot holding the option key and select the external 
drive. 

Bob


On Jul 27, 2011, at 12:14 PM, Warren Samples wrote:

> It does not seem likely that 
> Apple will ignore forever those users who need or would simply prefer to be 
> able to purchase physical install 
> media of some sort or another, though. I wonder if it's possible to clone a 
> drive and just install that drive 
> in another machine.
> 
> Best,
> 
> Warren


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