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
Best Answer
The only solution I found that actually worked was to replace the Mountain Lion Wi-Fi drivers with the ones included in Snow Leopard.
NOTE: This solution is not for the faint of heart and please ensure you've backed up your system - at worst this should only bork your Wi-Fi (which I'm assuming is already broken if you're trying these steps) but it's better to be safe than sorry.
Insert the Snow Leopard DVD into your DVD drive.
Open a Terminal:
Run Disk Utility and Repair Disk Permission on your system drive
Rebuild the kext cache:
Wait a few minutes to ensure that the cache has been regenerated and then reboot.