Hi there!
I came across this discussion after I experienced those issues you all suffer from, coming and striking out of the blue, too.
With me it is pretty clear, at least at the moment, that reverting back to the Nvidia drivers from the 10.5.6 update did infact solve the "Channel exception" errors; as a matter of fact, they are all gone for me right now. Graphics is rock solid - I had the problems mainly with two applications, EyeTV and Handbrake, strange enough not with Photoshop CS4 (with OpenGL acceleration activated).
What I did: I used the software "Pacifist" to install all related KEXT files from the update. Using Pacifist you open the according "MacOSXUpd10.5.6.pkg" file and go to the Folder "System/Library/Extensions". There you mark all Geforce*.kext and NV*.kext files and then choose the "Install" Option from the menu (if you are on Intel Mac, avoid anything labelled PPC; for PowerPC users, only use the according PPC KEXT and ignore the other one).
Now you need to repair permissions and redo the extension cache. It´s most easy to use "KextHelper" for this. After you´ve ticked those routines, restart your Mac and everything should be fine.
To avoid a nonbootable system, for whatever reason, try to have a bootable backup of your system drive handy (firewire or USB based), just in case (if you haven´t got it yet, now is the time).
Needed/used software:
- Mac OSX Update 10.5.6:
http://support.apple.com/kb/DL752
- Pacifist Package Installer:
http://www.charlessoft.com/
- KextHelper:
http://cheetha.net/
I hope others have success with this, too. At the moment I am pretty confident that you just need to revert back the drivers to 10.5.6 status and NOT a complete reinstallation of OSX itself.
I use a Nvidia 7300gt under OSX 10.5.8.