I've installed OS X 10.7 via the App store on my MBP 13-inch early 2011 and it worked fine. Then I installed it on my Mac Mini (MID 2010) and it started giving me the negative minutes remaining and went to about -20 minutes I think. Then next thing I noticed it was back to 16 minutes remaining. I wasn't able to stay to see if it finished, but I'll update as soon as I get back home.
I luckily managed to create a bootable version of OS X 10.7 on my thumb drive before I did the Mini and used that to install on my MBP 15-inch Early 2007. I did not get the negative minutes remaining on that one. Error seems a bit inconsistent so I'm not sure as to the cause. All my machines had 10.6.8, although I'm not sure now as to whether I downloaded the
migration assistant update on the Mini. Perhaps that could have been the issue.