Hi,
I noted the same events after my 10.5.7 upgrade, and I do have Buffalo USB drives in use as well. BUT, I did some testing, and even with the Buffalo drives disconnected I was still receiving same events;
May 20 08:26:48 sebbys-macbook kernel[0]: USBF: 2466.387 AppleUSBEHCI[0x67d1000]::Found a transaction which hasn't moved in 5 seconds on bus 0xfd, timing out! (Addr: 0, EP: 0)
I did have one Lacie USB drive connected, so I did disconnect it as well. But still gettings these events.
I did disconnect ALL my USB things, and then connect them to different sockets (I have two 7 port USB hubs connected to my MacBook), this way they will get different address when they are recognized by the system, at least this is the way it seems to work for Linux.
After total disconnection and re-connection (different sockets for all USB things), I'm now not receiving any of these events anymore, and the Buffalo drives (3 x 500Gb Buffalo CE500-U2) are working just fine.
Actually there is already a firmware for these drives, at this site;
http://www.buffalotech.com/press/releases/important-notice-to-customers-using-hd -ceu2-series-external-hard-disk-drive/
I did check my MacMini which also have a Buffalo USB drive (HD-CE1.0TU2) connected to it, and after the 10.5.7 update I have not seen same events regarding the USB, and the drive has been visible and accessable all time.
The only difference between the MacBook and MacMini that I can come up with that could cause the events are the USB hubs I have connected, and after re-arranging the cables to be connected to different sockets.
The Buffalo issue seems to be more related to the hibarnation/standby/sleep issue, at least according to their press release. My drives are not same as yours, so check if you have the auto power switch, as mine does not have this.
Regards,
Sebastian