Well, I never did let Apple replace the Power Supply or the Logic Board in an attempt to fix this problem. I didn't want to be the guinea pig as after reading this thread and so many others on different sites their solution didn't seem well thought out and just a stab in the dark. Let them do that with the units in the engineering lab.
After dealing with the problem daily, I did the SMC/PRAM combo on Feb 24th and have been reboot free (knock on wood) since. I usually sleep my unit overnight and during lunch for a short period, both situations have been waking without incidence. I know that many have tried this combo with varied results, just thought I would share my order of operations. The new MPs do in fact have an SMC reset switch, located just right of center behind the top RAM riser. I confirmed this with 2 different level 2 specialist. I pointed out the article (
http://docs.info.apple.com/article.html?artnum=304123 ) that states that it doesn't and the response was that for safety reasons the "Note" about the Jan 08 MPs not having and SMC_RST switch was added to the article.
So what did I do? I turned off the MP, let it cool down for ten minutes or so, then unplugged everything starting with the power cord, then DVI and then USB and Firewire cables. After opening up the case, I then removed the top RAM riser and used a wooden dowel (non-conductive) to press the SMC_RST briefly just until the LEDs to the right of it lit up, (a second or so). Put everything back together and plugged all the cables in leaving the power cord for last. I then hit the power button and did a PRAM reset, letting the unit chime 4 times - read somewhere despite the recommended 2 that you should always let it go for 4 times. I figured what the heck. So far so good as I've said before. Since that time I have upgraded to the 8800gt and still haven't had the issue return.
As far as the SMC_RST goes, it does concern me that Apple would tell people that there isn't one when there is and that their reasoning is because of safety issues - I'm assuming a chance of a shock situation. I'd be interested to know what the response is from others after dealing with AppleCare to see if they said if there is an SMC_RST or not.
One last thing, just goes to show where Apple's priorities are in terms of user satisfaction, also there's a new ipod shuffle firmware update as well.
http://www.apple.com/support/downloads/macbookairsmcupdate10.html