I'm not sure of the specs on yours, but my 2010 21.5" suffers a little since upgrading to ML - I get the beach ball more and more with what used to be routine tasks.
Also one of the main features I wanted to use (desktop mirroring) isn't available for my model, so may not be for yours - my fault for not reading up fully I guess 🙁
If you can, I'd stick to Lion as long as possible, unless you really want iMessage and notification centre