The lubuntu project is advancing. lynxis just published a lubuntu test iso based on the seeds by David Sugar and additional patches. It is just 381 MB and a second one only 292 MB.
Please download the image and test it and give feedback: http://lynxis.crew.c-base.org
UPDATE: The CD images from the link above are now unavailable due to bandwidth limit. However, there is a BitTorrent link.
* Lubuntu: lubuntu.net
* Twitter: twitter.com/lubuntudesktop
* Documentation: https://docs.lubuntu.net
* Building a distro from scratch: https://help.ubuntu.com/community/LiveCDCustomizationFromScratch