I got mine yesterday. Its amazing how thinking outside the box made for a much smaller reader. All they did was realize that if the card sits in the reader in the opposite direction as it normally sits the reader size can be greatly reduced. Great toy, well worth the 15 bucks I paid for it.
As far as installing *to* a USB device I don't think those OSes allow for that. But I do believe you could use Acronis or Ghost or something to copy an existing install from a SSD
or external HD and put it on the USB then boot. But I won't guarantee but I think there are posts talking about doing just that. Perhaps a search would find them.
Mini1: Vostro A90, Black, 2G, 1.3 Webcam, Bluetooth, 64G SuperTalent, OS X 10.6.4
Mini2: Mini9, Black, 2G, 0.3 Webcam, Bluetooth, 32G RunCore, OS X/Win 7, internal PCI-e SHDC Reader
Mini3: Mini10v. Black, 2G, Webcam, 640G HD, OS X 10.5.8/Win 7/Ubuntu [Hibernate w/NBI 0.8.3 RC4] Dropbox Referral