Tons of info in this thread... and it seems that lots of folks are experiencing a miriad of problems with various solutions. The original issue appeared to be with the MBA not waking from sleep intermittently with Lion installed. And it doesn't seem to be related to hardware as much as software incompatibilities. Again... there are various solves posted here... so anyone just experiencing this problem should take the time to read through it to see which problem best describes their experience.
It's been a few months since the last post... so my contribution may be "too little too late"... but I have had my 2008 MBA (origianl owner) running perfectly for years... and only recently (as in yesterday) did it start the "doesn't wake up from sleep" issue. My issue was the type where after any amount of time in SLEEP mode (not screen saver mode) the computer's screen would not "wake up" at all, even though the CPU may have. Couldn't tell.... but one post describes jumping on the LAN and seeing it active there... so one would assume that the computer was actually awake. So this could be a Screen re-activation issue. Something has a hold on the display controller.
After reading this complete thread... and thinking back on what I may or may not have recently installed on my MBA, the only thing that came to mind is FLASH PLAYER Update! The one that comes up from time to time when you vist a Flash site that triggers the update check.
So... I have run the Flash Uninstaller... and guess what... so far, so good... after several sleep/wake cycles... the problem is gone. Back to normal... my MBA comes out of sleep almost instantly... well under 2-3 seconds... and in most cases... it springs to life in what one would describe as "instantly". Key is pressed or lid lifted, and I'm reaady to go... mouse, WiFi... the works.
If my issue sounds like the problem you are experiencing... try Uninstalling Flash (should find the Flash Install Utility in the Utilities Folder). I would imagine that a move to Mt Lion would initiate a more recent Flash update that may have addressed this problem... haven't investigated that one... yet.
Cheers!
😉