Damn I planned to update to Lion soon, but not so soon. Seems like we'll be spending tomorrow updating, after figuring out how to get Lion on everybodys iTunes account. Give us some time apple!

You can still get the newest Xcode from developer.apple.com as usual, no? Or continue using your current one? You have all the time you need :)

Updating to Lion was seamless and super quick. It installed for me during lunch hour.