Speculation is now rife about exactly when Lion will appear in the App Store. (In case you've been incommunicado, we know that Lion will - at least initially - be available for existing Macs only from the Mac App Store as an upgrade from Mac OS X 10.6.8 Snow Leopard.)
Suggestions are flying around that Lion may arrive this week (July 6 is one specific date that's been mentioned) or next (July 14 is another supposed candidate). Both of these are US time, so add a day for Australia.
Given that it's a holiday weekend in the US, releasing the golden master (GM) on the Friday with the intention of starting sales on Wednesday doesn't give developers much time to provide Apple with feedback about any issues they uncover with the GM.
There are also reports (eg, MacRumors) that the Lion licence allows use on up to two virtual machines. The clause specifically limits use to each "Mac Computer" owned or controlled by the licensee.
What about virtualising Snow Leopard to keep Rosetta? Please read on.
Reasons for virtualising the same version of the OS include testing (eg, checking that a software update from Apple doesn't cause compatibility problems with existing applications) and to maintain compatibility with applications that don't function correctly after a minor update to Lion.
Virtualisation software running under Mac OS X includes Parallels Desktop, VMware Fusion, and Oracle VirtualBox.
Lion will cost $31.99. Upgrading to the server version will cost another $51.99.