My mid-2007 MacBook is having issues and I bought a mid-2012 MacBook Air. Can I transfer my iTunes music library, Adobe Photoshop Elements, Safari bookmarks and top sites to the newer machine?
I just setup a new MBA over the weekend for a family member with a 2008 MacBook. I made a time machine backup of the old machine, plugged the disk into the new machine and then used Migration Assistant. It worked fine.
Now if you have any old software that requires Rosetta, that will not work anymore. But if you were running 10.7 on the old computer, that shouldn't be an issue because 10.7 didn't support Rosetta anyway.
BTW, the new machine actually had 10.9 on it "out of the box" so I had to install Yosemite. That was kind of a pain, but I have a very slow internet connection.