Yes, its a completely different OS "hardware" system.
Just sign in with your Apple ID/Passwd and download it.
Stupid Q but how do you actually install Lion on it?
Assuming you only have an ML install but do have both App Store Installers, when you choose 'New virtual machine', I get the following......

So I click + and am presented with........

So anybody know what's next, (by the way I don't have the recovery option available)?