I think I've cracked it!
This issue is due to Google updater, which comes with Google software like Google Chrome. I know it sounds unlikely, I thought so too, especially as I use Firefox as my main browsers. Please bear with me.
I was also having a separate issue with my MBA where it would freeze, others in my office has kernel panics. I got sick of this so I looked at the system logs, the first two times I did this I didn't see anything strange. Then the last time I noticed that Google Updater was mentioned before the freeze occurred, just like the last two crashes. I removed Google Update manually. This removed the ability for Google Chrome to update itself, so I has to do a full reinstall of Google Chrome (removing preferences etc. manually too).
It's now been over a week, with no crashes or freezes. And amazing thing is the mouse pointer hasn't disappeared either. I shared this with a number of people in my office that were having kernel panics and freezes on their MBA's too. It seems to have resolved their issues too.
I shared the unlikely story with a college and he sent me this article about the Chrome team admitting that Chrome can cause some issues.
http://arstechnica.com/apple/2012/06/google-confirms-chrome-bug-is-causing-crash es-on-latest-macbook-air/
If it the issue effect the Google updater, it may not be able to patch itself, requiring a full reinstall (of the Google Updater) not Google Chrome. I think the problem couldn't be fixed by a simple update or a simple reinstall, it required a full manual reinstall, that requires sudo privileges.
To fix:
- Manually remove Google Updater
- Then to make Google Chrome update fully functional again do a full reinstall of Google Chrome (removing preferences etc. manually too).