I’ve succeeded and my backups worked flawlessly. The only problem was that it took way too long to copy files from my backup to my main drive.
Applications that I’ve installed so far are working rather well. Roaringapps.com has an application compatibility list for Lion. Do take a look before upgrading.
That aside, I’m loving how Lion is a little snappier in the interface and it comes with iPhone’s autocorrect. It’s just that the scrolling requires some getting used to. I’ll post more when I’ve got more to say.