Today Apple released the update to OS X Lion -- this time called OS X Mountain Lion (version 10.8). As with any new Apple operating system release, there is always excitement mixed with some eventual dread. New OS versions tend to break (or at least make unstable) some large and complicated programs we use every day that haven't had the chance to update -- like Premiere Pro or Avid (I would hope that Final Cut X wouldn't have any issues since it's an Apple product). Many don't have any problems, but often the kinks are worked out by manufacturers in a short amount of time. I haven't yet installed the update, but if you're wondering what's new in this version, here is a great 5 minute video that will show most of the major updates:
As with any update, if you're currently working on a project that is critical, it's usually best to wait a few weeks to update your entire operating system. The encrypted backups look like a nice feature, as well as the proper dictation, but the native mirroring with Apple TV and the new security settings will affect filmmakers the most. Apple could set a very dangerous precedent in the future for their operating system if at some point in the future if they completely disallow applications that haven't been purchased through the App store (similar to how the iPhone is a closed system). In one sense it keeps a lot of malware from being downloaded and installed on various computers, but it also allows Apple to have a complete monopoly over their own software/hardware. If developers have to go through them no matter what, Apple can set their own terms for software as they see fit.
Of course, just like the iPhone, it doesn't mean that this software couldn't be opened up to change a setting like this, but it's a little scary to even think that Apple might be heading in that direction. Paranoia aside, the update is extremely cheap ($20), and should provide for a bit more stability as well as the new features outlined above.
If do you download the update, it would be great if you could share any problems and issues you might have, as there could be other people suffering from the same issues.