I've rebuilt the iMac and the connection is now stable. The fact that no software I added caused the VPN to panic tells me it wasn't related to a piece of software. I basically have the same setup as before. I am now thinking that the problem stems from residue left by adding and removing software, perhaps something that works down at a lower level. By the end of the day I had the same list of kexts as when the machine was panicking.
On the bright side I now have a freshly setup machine with a working VPN connection. On the dark side I now have to go through the same exercise with my MacBook Pro as it too panics after 30 seconds of connectivity.
Here for posterity sake are the notes I took while rebuilding the machine.
* Formatted drive and installed Lion via App Store installer
* Created email account
* Downloaded and installed Cisco AnyConnect 3.0.5080 client
* Connection to OMEDBVPN is working
* Downloaded and installed Google Chrome - set as default browser
* Using App Store, installed
* Alfred
* Growl
Stopped and restarted VPN connection successfully.
* Changed default shell to zsh via Advanced Options in Users & Groups panel of System Preferences
* Installed Homebrew for package management
* Installed Xcode via App Store
Stopped and restarted VPN connection successfully.
* Installed Xcode Command Line tools -- need GCC for brew installs to work
* brew install git
* Installed iTerm 2 1.0.0.20120203
* Installed IntelliJ IDEA 10.5.4 Ultimate Edition - applied license key
* This required the installation of a Java Runtime - i.e., Apple Software update
Stopped and restarted VPN connection successfully.
* Installed DbVisualizer 8.0.8 and applied license
* Installed Things and applied license
* Installed Dropbox and started sync operation
* Installed Evernote via App Store
* Installed iPulse and applied license
* Installed Adium, downloaded preferred contact list and message themes
Stopped and restarted VPN connection successfully.
* Installed 1Password -- need to wait for Dropbox sync to complete before using --Done
* Restore backed up directories
* Documents
* Projects
* Installed OmniGraffle Professional 5, applied license
* Installed TextMate 2 Alpha, applied personal license
Stopped and restarted VPN connection successfully.
* Moved more backed up files and directories from HD to SSD
* bin
* Manuals
* Sites
* src
* virtualmachines
* Adding XMarks plugin to Safari and Google Chrome
* Started iTunes, triggering software update process
* Updating:
* iTunes
* iMac Wifi Update
* AirPort Utility
Stopped and restarted VPN connection successfully.
* Installed VirtualBox
Stopped and restarted VPN connection successfully.
* Added Windows 7 VM
* Applied License key
* Installed an incredible number of updates
* Added anti-virus protection
* Installed Google Chrome
*
* Installing RVM
* Added Ruby 1.9.2-p290
* Needed to use Clang option as GCC from Xcode 4.3 is different than RVM expected
* Cloning dotfile repository from Github
* Sym linking to vimrc, vim, and zshrc
* Installed solarized color scheme for iTerm
* Installed solarized color scheme for TextMate
* Installed macvim via brew
* Installed Skitch via App Store
* Installed GitHub for Mac 1.2 (Snow Octocat)
Stopped and restarted VPN connection successfully.
* Installed Microsoft Office 2011 for Mac (32-bit edition)
* Moved dock to start (upper) corner on left side of screen
defaults write com.apple.dock.pinning -string [start | middle | end]
killall Dock