Okay, my slow internet issue is resolved 😀
But I'm still not % sure which fix did the trick. For anyone else out there having problems, here's what I did.
1. I deleted my network from the preffered list in Network prefferences, then used the assistant to set it up again, as recommended by JMLA. I did this with both my iMac, and my MacBook Pro. I then ran a test using Youtube (because it has been utterly unusable since installing Lion) and there was no change. Still buffering so slowly it was impossible. I was not amused.
2. I then reset the PRAM and NVRAM on both Macs (following anniebobannie's suggestion). Then ran a test again... and it was still no better. As you can imagine, I was pretty exasperated.
3. I woke up this morning, turned my iMac on and spotted an e-mail from a client with a linked Youtube movie (of an interview) she needed me to see. My heart sank. I thought, "now, I'm going to have to explain to my client why I can't view this interview." But I clicked the link anyway out of sheer bravado. It loaded and played in a flash - just like old times!
I've tried the MacBook Pro too, and both are working perfectly. The problem has gone away.
So I'm thrilled, but I'm not sure which one fixed the problem.
Seeing as the PRAM/NVRAM reset involves a system restart (and it was the second of the two fixes I tried) the system had by default been restarted after both fixes. This was at about 7pm Auckland time. By 11pm, my connection speed was still bad as ever, so had had almost given up. But now, this morning 8am Auckland time - it's all good. So it looks like it needed two reboots, with a full night's sleep in between!
So... thanks to both JMLA & Anniebobanie, between you, you've fixed my slow internet problem. I'm just not sure which one did the trick. Maybe 'both' is the answer.
Hope this helps anyone else out there having similar problems.