FYI, we have been experiecing the same issues for quite some time. I kept attributing it to the Mindstormes online game my kids are always playing, but as this has continued to keep happening, I have finally begun to search the Support posts to see what I could find. So glad I came across this.
Model: Late 2009 27" iMac
Problem: Drops WiFi & Ethernet
Upon turning off computer, rebooting, then rebooting our DSL (ATT&T) sometimes it will recognize our WiFi/Ethernet, but mostly it will not. Currently, NOT Working again.
Also, when we try to click on the Network Connecting, it just spins and freezes, never allowing me to click on anything to make any changes. I never realized these problems coincided with the 10.7.4 update.
We have several other Apple prodects in the house which also use the DSL, they never have had an issue, including out 2006 iMac. This has strictly been a probem with the newer iMac so I new it was not a DSL related issue. In the past with I've had trouble with an iPod connectig to WiFi, I did give it a static address and that solved the issue.
Fix?
From reading these posts, it sounds like channel changing or dedicating a static address or going backwords onthe OSX update may be temporary fixes unitl ML or 10.7.5 comes out? Before I finished reading all of these posts, I went ahead and began redownloading OSX Lion, only have another 1/2 or so to wait and see if it's a temp. fix for us.
This has been such a time waste and irritation!
Thanks all for posting your comments that may help others!
Jennifer