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If you want to export the image to standard image formats like PNG, JPEG, TIFF, etc, you can do it by choosing "Export" in the "File" menu.
- On Mountain Lion, you get the new "Export" sub menu too but it uses the new "auto-saving" mechanism introduced by apple. So LiveQuartz works exactly like Apple's "Preview" or "TextEdit" or other document based application in Mountain Lion. It auto saves your modifications.
What you get is the possibility to rollback to previous versions of your document with a TimeMachine User Interface. This choice has been made to be coherent with the rest of the system and we only activate it on mountain Lion because "auto-saving" implementation was not enough usable we think on Lion.
But where is "Save As..." ? : Like in other applications that adopt "Auto-saving", "Save As" option is available by pressing the alt key while opening the "File" menu.
Don't hesitate to post questions about this in the forum.