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.