After experiencing daily kernel panics and freezes, I did a completely clean install of Snow Leopard and restored my files, but not applications, from Time Machine. Unfortunately, restoring the documents also restores the application support and preferences files in your System folder, so I spent considerable time post-install removing anything that wasn't related to software that I considered critical. I don't use any system hacks and, other than 1Password and ClickToFlash, most of the software that I use doesn't directly affect non-preference or application support areas of the System folder. I re-installed my critical software as I needed them.
The kernel panics and freezes continued and I was never able to figure out a consistent pattern, other then they frequently happened when iTunes was open. Digging through system logs revealed some interesting information, but nothing that pointed to a single culprit.
Strangely, after installing the recent iTunes update the problems have stopped. I spent several hours using my laptop both last night and the previous night and didn't have a single issue, whereas before I'd have to hard restart several times each evening. We'll see if the pattern repeats.