a word of caution....
I've had 10.8 installed on a separate partition of my internal HD on my iMac that also houses 10.7. Works flawless, until you want to remove 10.8 (if you just wanted to stop testing or for whatever else...) it's a bit tricky.
You can't just try to remove the 10.8 partition from within 10.7 using Disk Utility, as they are on the same mounted volume. You can try, but when I did just that I wasn't able to resize the original Macintosh HD partition (that has 10.7 on it) to its original full size.
What you have to do is boot from an older install DVD (I used my old SL installation disk), then enter the disk utility from within that to complete the process of removing the ML partition and then resizing the original partition - the reason is that you need your Macintosh HD unmounted to perform the process. It's still painless and takes seconds to do but I haven't found another sure way of removing 10.8 when installed on the same HD as 10.7 as that. Maybe someone else has.