Okay, even Bob Allison's fix of moving WiFi to the top of the service order has not helped in the long run. It looked like it did for a while and then... nope. Maybe I was just getting lucky.
The *ONLY* thing that has consistently worked for me as a workaround to this is to open up a terminal window and type:
ping <IP-address-of-my-router>
and then let it run in the background forever. For whatever reason, that seems to keep the network stack active and things work. My hunch is that there's a bug somewhere in the power management of the network stack, that if the stack isn't kept active, something gets shut down but then isn't correctly brought back up when there is new activity. The active ping in the background keeps it from doing whatever it would normally do and therefore it keeps working. That's just my theory, and I'm probably wrong, but there you go.
Yes, that's not a real fix in any sense of the word. It's a big hack. Apple, it's abysmal that so many people can be suffering so badly on such a high priority component as WiFi and you haven't release an über-emergency hot-patch in the first week after Mt. Lion was released. That's just horrible product management. And given the widespread nature of the outtages, exactly how many people beta tested Mt. Lion for you? I find it hard to believe that this was so subtle that it would have slipped through the cracks. Worst case, look for all the people who have posted to this thread, then have your network engineering team contact 10 of them, fly engineers to their houses to do on-site debugging, and get this thing solved and an OS update released by Christmas. Why is that hard?