I think that pretty much became a reality for the Lubuntu developers since from now on we can download Lubuntu from the official Ubuntu servers!. Now before you're gonna go ahead and download please be aware of the fact that, according to the official announcement these images are not quite ready yet and are missing splash images, over sized (over 800MB in size thus won't fit in a CD!) and won't even load the default desktop session, etc. In simple terms, they are not stable.
Anyhow you can still use them using a USB drive or DVD, etc... and these images currently have ...
*. Chromium web browser (well I guess it's better at low resources rather than Firefox, or maybe not).
*. Openbox as the window manager.
*. PC Man, the default file manager of the LXDE desktop, which is quite fast and resembles a "lighter" version of both Nautilus and Thunar.
*. Abiword and Gnumeric (excellent spreadsheet application which is not that famous thanks to both LibreOffice and OpenOffice :D).
*. Pidgin as the default IM client.
*. Gnome mplayer as the multimedia player (excellent front-end that uses the MPLayer "engine").
*. Audacious as the audio player.
And also not just the LXDE desktop but you'll also get some portions of the Gnome desktop such as file-roller (archive manager in Gnome) and Gnome-Keyring (a password keeper). Well, that's about it mates!. But as said these are the daily build ISO images and are certainly not stable at the moment. So use it at your own risk ;-)... (seriously!). Oh and congratulations to the Lubuntu Geeks as well, finally, you made it!.