Clone -> Edit -> Commit -> Push -> Update
hg clone http://bitbucket.org/repo => Clone a remote repo hg clone project_dir new_changes_dir => Clone a local repo hg commit -m "Message" => Commit locally changed files. hg push project_dir => Push changes to another repo hg update => After a pull update local working copy to latest.
hg tip -vp => Show last change committed. hg incoming repo_dir => tell us what changes hg pull would bring in hg outgoing repo_dir => tell us what changes hg push would send out
With mecurial you'll end up with a number of directories that represent different pieces of work (similar to branches in git).
project => Contains a local clone of the master remote repo or is the local master repo project_bug_11 => Changes required to fix bug_11 project_feature_foo => Changes required to implement feature foo