I have successful results. It boots from USB, all I had to do is replace all the ATI kexts from Base System with older ones from DP3. No more white background with beach ball.
Let's see what happens.
Here is a little guide on how I got it working:
1. Get the dmg from the usual sources.
2. Mount the dmg
3. Show all hidden files in Finder (this can be done with an app, search on google "show files" or here on insanelymac)
4. Mount BaseSystem
5. Go to Disk Utility
6. Partition your 8 gb USB drive with GPT partition table, one partition
7. Restore BaseSystem.dmg on your USB drive
8. Copy mach_kernel from Lion DMG to root of USB
9. Copy from the parent dmg the Packages folder over USB drive /System/Installation/ (you should delete the alias/shortcut there)
10. Install to your USB drive Chameleon, your working Extra folder and dsdt.aml file
12. Install FakeSMC in USB drive /System/Library/Extensions (using Kext Wizard)
13. Reboot and Install wait for the installer to finish
14. Boot in Snow Leopard and install Chameleon, the Extra folder and dsdt.aml to your Lion partition
15. Boot in Lion and enjoy.
I was inspired by this method: http://www.insanelym...howtopic=256729
and credits go to MaLd0n
Please note that I used a spare hard drive partitioned with GPT.
The sistem works except there are some glitches when going to GUI, there are sound issues with ALC889a and sleep does not work at all and also resets CMOS.
Otherwise the system feels more solid and it is more polished.
With this build Apple droped the intro video, they also droped the legacy wallpapers.
Hope you will find this usefull,
I used a modified (because I use a hard drive partition) version of this method.
The mod comes in at step 10: because I use a later (V2 revision 1005) version of Chameleon, I simply boot directly from it, as it boots my Snow partition, my Lion install partition (though it's on a separate drive), my Lion partition, and could theoretically even boot Windows (7 Ultimate x64). Both Snow and Lion partitions are GUI Partition Table (GPT), and are on the same Maxtor 6LS200 SATA HDD.
I copied over four kexts, all from /Extensions/Extra on my SL partition, to my Lion install partition:
ATI5000Injector.kext (graphics enabler for AMD HD54xx)
Post-install, I need to add two kexts - lnx2mac's Realtek gigabit driver kext and VoodooHDA; however, that's it.