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).
eg
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