I'm going to bump this topic because I'm having the exact same problem and it's driving me (almost) insane.
Numerous times per day this problem occurs. With no provocation, or obvious external event, the connection to the AE Base Station disconnects. The DSL modem remains connected. The light on the AEBS starts blinking amber and 5 minutes later reconnects and turns green, and the internet comes back. Sometimes it goes hours without happening, sometimes it disconnects 10 minutes after reconnection. The Airport application always says the same thing: PPPOE disconnected. And then the PPPOE reconnects.
It's not predictable, and that's what's making troubleshooting difficult.
My network is (and I've tested it with many of these components disconnected)
1. 15" MBP - Late 2009 model
2. 13" MBP - Mid-2009 model
3. Wii
4. Airport Express (older model)
5. Squeezebox music device
6. 2x iPhones
I have AT&T DSL (formerly Ameritech) with the original Speedstream 5100b modem that they gave me in 2000. I would blame the modem, but it's not the one disconnecting all the time.
Let's hear some ideas!
Thanks.