I was having this same problem after updating to 10.5.2 and I finally think that I fixed the problem. I've had uninterrupted wireless connectivity for 48 hours now.
First, in my Keychain, the password to the wireless network was stored in two places, for "login" and "System". Login was fine but System was hashed up. I re-entered the password correctly into "System" and then did a basic repair on the Keychain. I don't know if this helped or it's extraneous, I'm just trying to record all information.
Then I went into my Airport configuration (I have first-gen, N AE). We'd been operating in "802.11n, A-compatible" mode because one of my housemates has a first-gen Macbook and we didn't want to lose N LAN speeds. Unfortunately, in this mode, you can't set your channel to anything but automatic. I changed the mode to "802.11n, b/g-compatible", set the channel to something specific, then changed my security protocol from "WPA/WPA2 Personal" to simply "WPA2 Personal".
That's it, no problems since.