Remastersys is no longer maintained and UCK as well as Live-Magic aren't exactly what I'm looking for as they remaster a livecd. What I'm aiming for is something like PCLOS's makelivecd so I can have a livecd backup of my Ubuntu 11.10 install. I'm not really looking for a solution that makes incremental backups either. If anyone is familiar with the Alienware image / respawn DVD's, it is something like that even that I have in mind.
I understand Remastersys is, after a brief inturuption, still being maintained by the creator.
UPDATE November 2015
The new Remastersys is Pinguy Builder and there is also an app called Systemback which I prefer personally. Here is how you can install it:
sudo add-apt-repository ppa:nemh/systemback
sudo apt-get update
sudo apt-get install systemback
The link I provide in this and other instructions in step 2 does not work anymore. However, I had downloaded the Remastersys files before the website shut down and they can be installed perfectly through Ubuntu Software Center. !! I am not sure if the files are available in Ubuntu Software Center, but if you have them on your computer, they can be installed through it.
This set of instructions helped me install and run successfully
Remastersys has an new release 3.0 which can run ubuntu 11.10, 12.04 and even 12.10..
I am using it sucessfully
Use SystemImager as RemasterSys has been discontinued
System Imager is a fork of Remastersys.
From System Imager's website:
It has been released under the GNU GPLv2 and the source code is available from the developers in Sourceforge.net