With apologies to whomever might not like multiple posts of an answer (which I'm doing only because I see such a flood of replies, I don't think it will be easy to find otherwise), here's something you guys can try. After restarting your router to get a connection:
1) Open the Terminal utility and copy and past this:
ping `route get default | awk '(/gateway/){print $2}'`
2) Open your System Preferences/Network and using the Advanced tab, enter this under DNS servers:
8.8.8.8
The first seems to keep the connection open, the second seems to radically improve the speed. After a lot of the same frustrating drops and slow signal, I appear to be running at speeds even better than before the Lion upgrade.
re: the Terminal thing... you have to leave it running. I just clicked "Command+H" to hide it and even after closing the lid and reopening it's there in the background, pinging away.