Upgraded the same day ... heard tell of people with 20 minute upgrades. It ended up taking about an hour and a half to 2 hours before the machine was usable again ( re indexing seemed to make my machine crawl for 30 mins+ )
I ended up linking to an article on Life Hacker from my blog How to make a copy of OSX Lion | James Larkin basically saying make a copy of the files before you click the upgrade button as Lion nukes the download once it has installed which is rather annoying given it's a 3.4GB download that you could burn to disk
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