Thanks to you and Serge N Grin for this helpful information, and, of course, to hackerwayne for making this possible. The Parallels trick worked and I now have Mountain Lion running very smoothly. Definitely a noticeable performance improvement over Lion. Really enjoying this.
However, just a few quick questions, and forgive my ignorance of this stuff, as I've never done anything like this before...
1. It's great to have ML installed, but given it's installed on a 20 GB partition, there's only 8 GB or so to play with. All of my applications, and documents, are still on the regular Macintosh HD, which still has Lion (10.7.5) on it. How do I deal with this pickle? Since ML seems stable enough, would it make sense to just wipe out the Lion partition, expand the ML partition, and bring in the remaining files/applications to ML via Migration Assistant from my Time Machine backup? Is this possible?
2. If I do this, do I still need the Installer partition? Or can I just create it when I need to update the entire system? Also, can I rename the ML partition back to Macintosh HD or does it need to be kept as ML?
3. I know it's beta software and nothing is guaranteed, but there should be no problem with updating anything non-OS related, right? Things like software, security, repairing disk permissions, AirPort, etc., should be safe, right?
Thanks again for all the help. Much appreciated.