Hi maflynn,
I thought so as well, but when I got to restoring from TC, it simply didn't work. I booted of a USB key with Lion, and tried restoring from TC. It went through the motions, but wouldn't boot correctly. It just sat there with the spinning circle...
I eventually reinstalled Lion on top of what had been restored from TC, and then ran all the updates again (10.7 -> 10.7.3).
I don't know why the TC restoration didn't work, but it looked as if it didn't set the HD to be bootable, or something was missing. I tried to fix/repair via Disk Utility, but alas.
It works now, but I have learned not to trust TC.
Bo