I am currently running Mac OS X Lion Developer Preview 3 and would like to install the recent public release version. Any ideas on how this can be done?
When I go to purchase Lion in the Mac App store, it says 'Installed'
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The normal route Apple wants you to take is to start from a fresh installation. I guess this has always been the case and is most probably mentioned in the terms of the Developer Previews. Not too sure though, since I've never run a Developer version.
MacWorld has an article that outlines a few options you now have. Some users reported those as non-functional, while it seemed to work for others. Here's yet another article that confirms this procedure. Note that these are for the Golden Master versions and not the Developer Previews, so they might not work as well.