Mountain Lion was officially launched in the Mac App Store today. Since the release, Apple has now pulled Lion so make sure you’re ready to upgrade…
If you jumped the gun and upgraded to Mountain Lion, the only way you’ll be able to downgrade is if you have a backup copy of Lion. Sadly, Apple did away with physical disks when Lion was released so this may be an issue for you.
I would recommend checking all your important apps to make sure they will be compatible with Mountain Lion before you upgrade. Apple expects this upgrade to be smoother than Lion’s release but you never know what can happen.
Just check compatibility with individual apps before upgrading, because there’s not really an easy way to revert back to Lion now.