After upgrading from Snow Leopard to Mountain Lion the Wi-Fi on my 2010 MBP basically stopped working. It would stay connected for a few minutes at a time and then drop the connection, connect, drop, etc.
My Wi-Fi access point continued to work with all other devices - it just stopped working on this one machine.
It appears that this issue is also in Lion - there are many threads on discussions.apple.com with users complaining about similar issues:
https://discussions.apple.com/thread/4144707?start=0&tstart=0
https://discussions.apple.com/thread/3191630?start=0&tstart=0
https://discussions.apple.com/thread/3235078?start=0&tstart=0