Are there configurable power profiles in Mountain Lion like in Windows?
Something very similar but with some additional options exist.

Open your System Preferences and find the Energy Saver.

Open it, and the you can not only set your power profiles but few more helpful settings.



However this does not set the Mac operating performances, since those are managed more intelligently based on actual demand. Means the system will go in to lowest possible power consumption mode when ever possible. That is best shown in the New MacBook Air, with a battery life of >8 hours.