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UPDATE: Mac OS X Lion is now available on the Mac App Store.

At the earnings call for Q3 2011 result, Apple confirmed the Mac OS X Lion release. Apple’s CFO Peter Oppenheimer announced the new Mac OS X Lion will hit the virtual Mac App Store today for an upgrade price of just $29.99. The download will be around 4GB so make sure you have enough bandwidth (and speed) to download it.

Mac OS X Lion brings along about 250 new features that includes:

Launchpad: It works similar to a home screen on the iPad. User will be able to all their Mac apps on the screen and can be launched quickly.

Full Screen support: Lion supports system-wide support for full screen apps. Users can enter full-screen mode with one click or switch to another app in full screen by swiping the trackpad.

Mission Control: This feature gives a unified view of all running apps and windows on the Mac. It includes the next generation of Expose that shows all opened windows, thumbnails of full screen apps etc.

AirDrop: Allows Mac user to wirelessly copy a file to another Mac over Wi-Fi without any setup.