Sevag, I assume you're still having this problem? I think I may have evidence that an OS problem is the correct answer.
I bought a new iMac mid-August which came with Lion installed. After initially seeming fine, on day 2 I had the same problem; no internet and a message saying 'Wi-fi: No hardware installed" on the pull-down menu under wi-fi. Being a new machine I called Apple support who intialled advised me to re-set the P-RAM. This seemed to work, but a couple of days later it happened again. This time I tried re-starting, which solved it. When it began happening every morning I called Apple again, suspecting a hardware problem, and they advised me to re-instal Lion to eliminate the possibility of a software problem. I did this with their help, installed Lion over the internet and then re-updating it to version 10.7.1. It seemed to work for a week, but then the same thing happened again.
I called Apple a third time, who confirmed my computer must be broken and arranged a replacement by courier, which arrived 3 days ago. Things all seemed fine until this morning when the same thing happened on start-up: 'Wi-fi: No hardware installed".
After muttering a fair few curses I called Apple again, who this time put me in touch with a senior technician. My feeling is that two identical computers are unlikely to both be broken, and therefore it must be an OS problem. If so, I'm happy to simply keep re-starting the computer (the obvious work-around) until OS 10.7.2 is released. However the techician I spoke to said this wasn't a known bug and nobody else had reported such problems! In truth, had it been a known bug it would be foolish of Apple to replace my computer, so I can only conclude that not enough people are reporting it to them.
In conclusion I would urge you (and anybody else experiencing this problem) to submit it as a bug report via Apple feedback:
http://www.apple.com/feedback/macosx.html