A month after the initial release of Mac OS X 10.8 “Mountain Lion” Apple has addressed a number of reported issues with the first patch, though some users are reporting certain issues – particularly battery drain – have yet to be addressed. Fixes include the resolution of an issue that caused Migration Assistant to crash, a fix for a bug that caused some iMessages not to be sent and improvements to Microsoft Exchange handling in Mail.
Also addressed is an issue that Thunderbolt displays encountered under 10.8 when outputting audio and improved SMB compatibility when connecting to shared folders with long names. There are other fixes for bugs users reported with Pinyin input and a networking issue relating to wireless authentication.
Fixes for other issues encountered by many users including UI lag and sluggishness, particularly on the Retina MacBook Pro, have yet to materialise. The update appears to have improved some performance issues with the Safari browser as reported by some Mac users, though early tests suggest there is still work to be done.
Previously OS X users would have launched a separate “Software Update” interface from which to apply patches, but as of Mountain Lion all updates are taken care of via the Mac App Store. Users are also able to download a disk image from Apple’s website should they prefer this method.

Shortly after the update went live, Apple began seeding the next update, 10.8.2, to developers and is reported to be focusing on social features like Facebook integration and improvements to Messages, Game Centre, Reminders and Safari.
Download: 10.8.1 from support.apple.com
Source: Apple Support
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Great news, i’m sure everybody was waiting for this.
just updated. got grey screen on restart, but hard restart seemed to fix it.
Glad I have not updtated to ML yet :)
I’ve been experiencing spotty wifi connection, which an Apple Genius tells me will likely be addressed in an upcoming update.