Several years ago, I gave the task of creating a home-grown LiveCD to a couple of students hoping that the distribution will be used by the university. The students were able to finish it but the time it took them to learn and create the LiveCD image was long enough to render the distribution version obsolete. :(
Today, HowToForge tells us how easy it is to create our own LiveCD using Remastersys. Now, we can easily and quickly create a LiveCD distribution and still keep up with the advances of the particular Linux flavor that we have chosen.