Just got a MacBook Air, and it is running OSX 10.7.4.
Is it possible to upgrade to 10.8 (Mountain Lion)?
Are there any benefits to doing so?
What is the process?
200 new features: http://www.apple.com/osx/
You download the OS via the App Store, which you'll find in your applications folder. If you bought your Mac recently you may be eligible for a free upgrade. Check here: http://www.apple.com/osx/uptodate/
It depends on the model you have. From apple.com/osx/how-to-upgrade: