Octopi,
One reason, and I'm guessing here, is that the codebase between 10.7.x and 10.8.x are way more similar compared to 10.6x and before. Maybe there's something in the 10.7.4 M-Audio driver that just does it for 10.8.x users.
I'm guessing... and it is but a guess but I wouldn't be surprised......
This is going to be related to the USB2 issues and the changes made by Apple to the USB2/3 libraries in Mountain LIon... that shouldn't have affected any correctly designed hardware/firmware but it seems, based on several reports from different Devs that if the Devs themselves used an older 10.4.x library and design method.. instead of the updated 10.5.x stuff when originally designing and writing the firmware for the "Class Compliant" USB2 devices, the new code by Apple to ensure compatibility with both USB2 and USB3 devices, would break the older hardware/firmware library's routines causing all kinds of issues... including, but not limited to.. crackling of Audio or failure for the device to be seen by the OS
The original MBoxes and MBox 2s.. were some of these USB2 devices that suffered badly from the 'crackling' issue for example....
NI's Audio hardware suffered from the 'not found' problem after installing Mountain Lion...
Heres an example thread about NI's issues...
http://www.native-instruments.com/forum/showthread.php?171465-Mac-OS-10-8-Mounta in-Lion-Compatibility-Issues
Rolling back to earlier drivers fixed the issue for many until NI released corrected drivers... much in the same way you described in relation to the MAudio drivers working for you.
There is also confirmation of the original various ML issues found here;
http://www.sweetwater.com/sweetcare/articles/mountain-lion-mac-osx-10-8-compatib ility-information/