Not sure about the update utility as I haven't used it for a quite while since updating to 10.8 but I do know that the Factor Lib is not supported on Mountain Lion. 
Bootcamp and Win7 are unfortunately required if you want to get the full benefits of owning a factor pedal at the moment.
I had a few difficulties updating my TF especially with the early firmware updates even with 10.6 and 10.7. The more recent releases however seemed to upload without to any issues in 10.7.
I think someone from Eventide mentioned on the forum that these are on the "to do" list.
