Recovery as in the recovery partition? If so, my partition say OSX 10.8.I was working on a case like that a few weeks ago.
If you're looking to reinstall it on the Mac you downloaded, then recovery's the way to go.
If you're trying to install it on another computer, it's not going to show up there. Your iLife apps would though.
I don't see them coming out anytime earlier than the end of June.
I bought my Mac in June 2012. Apple gave everyone who bought a Mac with Lion preinstalled a code for the ML download.
Shouldn't my partition say 10.7?