After exhausting many/most of the suggestions posted here and elsewhere, I've found something that worked for my particular setup. Posting in case it can help someone else.
My setup:
* Mac Pro - 2.93GHz Quad Core Intel Xeon (10.7.3) w/airport card
* Macbook Pro - 2.4GHz Intel Core 2 Duo (10.7.3)
* iPhone 4S
* iPad 1st Gen
* NetGear WPN824N Wireless Router
So, the problem I had seemed to occur after updating to 10.7.3. I've used the NetGear router for over a year without any issues at all, but I recently moved and both of my macs lost wifi connectivity around that same time so I wasn't exactly sure what was going on. To clarify, when I say "lost" what I actually mean is they could no longer see the SSID being broadcast from my router; however, I could still connect to other wifi networks. Finally, I spent a day troubleshooting it (literally, a day). I narrowed it down to something with the macs b/c my iPad and iPhone would both connect to my wifi router with no problem.
With that, here's what I tried with no results:
* Power cycled the router
* Moved the macs physically closer to the router
* Turned wifi off/on on both macs
* Deleted the airport plist
* Changed broadcast channels on the router
* Performed a factory reset on the router
When I did this, both macs initially found the default "NETGEAR" SSID, but restarting both macs created the same state as before where they were not detecting the router at all. Good times!
* Reinstalled Lion with the Combo Update
* Changed the security settings, SSID names, and other settings on the router multiple times to multiple configurations
* Added my the MAC addresses for both computers to the router's permission list
Finally, though, I seem to have found a fix for my issue (your mileage may vary). I had to dial down the mode from 150Mbps to 54Mbps...so I guess from 802.11N to G. I've tested this by restarting both computers and it seems to be stable, so there you go. If you've tried the following above like I did, then maybe this will help you out.