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So, the changes can either be attributed to a different color profile, a difference in font smoothing or a different resolution. Tinker tool shows there have been no changes to the System font in ML (it is still Lucida Grande 13pt; ugly font IMO).

Have you tried changing the color profile, than can substantially alter the contrast and readability of text?

I for one would love for someone to post screen shots of Lion and Mountain Lion color LCD profiles to compare the two side by side.
 
This sounds interesting:

From the Release Notes: https://developer.apple.com/library...de/_index.html#//apple_ref/doc/uid/TP40001051

Text and font rendering on OS X v10.8 is optimized for Retina display. On a non–Retina display running OS X v.10.8, some font
configurations can appear blurry
in Xcode. 11486875 Switch back to non–Retina display optimized text and font appearance in Xcode by enterin this command in Terminal:

defaults write com.apple.dt.Xcode NSFontDefaultScreenFontSubstitutionEnabled -bool YES


Okay, they only talk about XCode, but it could affect the whole system also, isn't it?

Regarding their reported solution: it did not help for me in XCode

----------

Found this question about the color profile. This person is saying that the color profile was changed after upgrade to ML and seems "washed out". i can confirm.

but unfortunatly, until now there is now answer to the question:
https://discussions.apple.com/thread/4147497?start=0&tstart=0
 
From the Release Notes: https://developer.apple.com/library...de/_index.html#//apple_ref/doc/uid/TP40001051

Text and font rendering on OS X v10.8 is optimized for Retina display. On a non–Retina display running OS X v.10.8, some font
configurations can appear blurry
in Xcode. 11486875 Switch back to non–Retina display optimized text and font appearance in Xcode by enterin this command in Terminal:

defaults write com.apple.dt.Xcode NSFontDefaultScreenFontSubstitutionEnabled -bool YES


Okay, they only talk about XCode, but it could affect the whole system also, isn't it?

Regarding their reported solution: it did not help for me in XCode

----------

Found this question about the color profile. This person is saying that the color profile was changed after upgrade to ML and seems "washed out". i can confirm.

but unfortunatly, until now there is now answer to the question:
https://discussions.apple.com/thread/4147497?start=0&tstart=0

You can a defaults command target the entire os by replacing the entirety of com.apple.dt.Xcode with NSGlobalDomain. So it should look like this:

defaults NSGlobalDomain NSFontDefaultScreenFontSubstitutionEnabled -bool YES
 
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