With Linux Live scripts can make image of any GNU/Linux system. Short and straightforward howto is on http://www.linux-live.org/. Version
6 should make live CDs almost out of the box (⚠️ but I haven’t been lucky with it, please tell me if you know how to do it). Great compression ratio.
You can either make image from running system with bootcd (configuration is in
/etc/bootcd/bootcdwrite.conf) or install new system on the CD with official Debian Live scripts.
There are some other programs/scripts listed on Debian Wiki.