HOW I REVERTED TO LION W/O DOING A CLEAN INSTALL
After several months of trying to get Mountain Lion to play nice with my 2011 MBP, I decided to revert back to Lion last night (using steps I will describe below). The main reason for returning to Lion is because I think that ML negatively affects Battery Health, which you'll still see is a key problem in other posts thought this site. I've already noticed a few improvements after returning to Lion.
If you're not on ML and on a MBP or MBA, I cannot recommend upgrading; at least not until Apple comes out with a release that explicitly says they have addressed the battery life / battery health issue. If you're on ML and want to revert to Lion, I was able to do it in a rather straight forward way. I did it as a straight upgrade and did not have to make a backup (although you probably should) nor did I have to reinstall my apps again.
Steps to revert from ML to Lion (perform at your own risk):
1. Watch the YouTube video that explains how to downgrade from ML to Lion. http://www.youtube.com/watch?v=uveAyGlEK-U
1.1. Tell your computer that it is running an older version of OSX (10.7). (Note: Editing the file will require you to make a "duplicate" and then copy it into place.)
1.2 (Re)download Lion from the App Store.
1.3 Install Lion. (Note: You can (re)download Lion from the AppStore from ML, but it will not install if you haven't told your computer it is running 10.7 or older)
At this point, I thought Lion was installed properly. But I was unable to run certain System Preferences (e.g., Desktop Preferences) and I noticed that my Dock still looked like it did under ML. So, I was 99% there, but something wasn't right. After doing some research and some additional trial and error, I installed the 10.7.5 Lion Combo Pack, which took care of my remaining problem. Both the problem and the solution are described in this thread: https://discussions.apple.com/thread/3816802?start=0&tstart=0.
A summary of the steps to correct the missing System Preferences – from the thread just given (perform at your own risk):
2. Download the Lion 10.7.5 Combo pack: http://support.apple.com/kb/DL1582
3. Rename the iLifeMediaBrowser.Framework file (as described in the above thread)
4. Install the Combo pack.
For someone willing to do an experiment if you're having the preference problem, you can see if you can just install iLife Support - http://support.apple.com/downloads/iLife_Support_9_0_3 . (The URL says 9.0.3, but the file is 9.0.4.) I didn't try it, but it is a 67MB download and not a 2GB download.
Total time: about 8 hours; where almost all of that was time either downloading Lion (about 5GB) from the AppStore or downloading the Combo pack (about 2GB). There might be a way to do it faster and with fewer steps. But this worked for me and I didn't have to do a clean install in order to revert back.