A new open-source application called Lion DiskMaker will let you create that with just one click.
Lion DiskMaker is a very simple to use and fast application.
After launching the app, it will locate your Mac OS X Lion installer in the ~/Applications folder, or tries to find it usingSpotlight.
Once located you can create your own bootable OS X Lion Installer on a DVD or on a USB key or SD-Card.
Great tool, highly recommended.
This is the developer’s site where you can find more info and the download link.