Is it possible to do a "clean" install of Lion? Is it possible to take a Lion install burned by the method outlined in this question and preform a clean install with it?

I just want to make sure that if I buy Lion from the App Store in the near future that when the mood strikes me I will be able to reformat and install Lion without some previous install of Snow Leopard.
Yes, it is possible. It is bootable, and will be able to do a complete clean install (with you having to format the hard disk first).

Also, if you have installed Lion already, you would be able to do a reinstall by holding ⌥ Option on bootup and selecting Recovery HD. Wait for it to load, and you will be able to see an option for reinstalling.