Going to add my voice to this. Extremely frustrated that no fix is in place yet.
Bought my iMac with SL last June or July, upgraded when Lion was released. Ever since then, I've had a whole world of problems with wifi. Strangely, for a month or two, the problem completely vanished, then over the past 2-3 weeks, it's come back with a vengeance.
I've tried all the fixes short of a full system restore, which I'm not willing to do, as the machine is our daily driver and used for my partner's teaching work - any lengthy down time will affect her ability to do her job (as will downgrading to SL for software reasons).
The 'ping' solution is no longer working - a steady stream of pings to 8.8.8.8 used to do the trick, but that's now not working. I've installed the update/fix. I've gone through the removal/re-adding of locations/keychain entries, and no change. I've enabled and disabled 'N', I've changed beacon settings, I'm using the 'correct' type of security, and nothing. Often, after a reconnect or a change, it'll appear fine for 24 hours or so, then the problem will start again.
Over the past few days, the connection has been dropping after around 10 seconds of re-connection. Using the diagnostic tool, I'm finding that the events logger shows BSSID changed, same as a lot of other people experiencing the issue. Also, I'll get "country code changed", which I've seen a few other people around the net getting.
I know it's not a router issue, as all of my other wifi enabled products are fine, including my early 2009 MacBook with SL, which connects and remains connected in a reliable fashion. The iMac itself was also connecting fine and dandy prior to this.
I'm really appalled by this. I'm a huge fan of Apple's products, and my partner is now also a heavy Mac user. It's getting harder and harder to justify the £1200 we spent on the iMac with "it just works" when wifi connectivity is so useless. I can't undestand how they've managed to get this so wrong, and stay silent on it for so long too. Media outlets should be having a field day with this, and I can't understand why they're not.
Apple, please, if anyone is reading this thread, or many of the countless others, do something. When people are spending thousands of their hard earned dollars & pounds on these products, they deserve to be addressed when they have massive problems. Issue a statement. Acknowledge the fault. Do something. Anything.
While I'm waiting for this fault to be resolved, can anyone recommend a good wifi USB adaptor I can use? I need to do something to keep our connection going, and the layout of our house is going to make wired connections very problematic.