SSD (in superdrive) + HDD questions

2 questions
Questioning the benefit of installing lion on a ssd and I know this can be done with a fresh install but is this possible to do without doing a fresh install and keep my programs and libraries without much hassle?

Secondly, If so, with only the os on the ssd, and all applications booting from hdd i'm really only going to see performance increase in the initial booting time - correct (or no)?

1. Yes, I installed the SSD, installed OS X on it, then did the necessary changes to run my home folder from it's original location on the HDD.

2. Not worth it, you won't see much of a performance boost with mostly everything still on the HDD.

Thanks Stretch -that's what I was afraid of... Just trying to remember the last time a disc went into the drive....? /long pause/ Oh when I installed SL when it first came out...
I appreciate the tips

Pop the SSD in the MBP and clean install Lion on that by burning to a DVD or thumb drive prior to installing, and then put the current internal into an external case and use Migration Assistant to transfer files, applications, network settings etc over. Do not clone to an SSD..