BOB,
YOU ARE THE MAN!!!
After months of messing around with PROMs, Wi-Fi router settings & channel settings, Mac MTU & channel settings, Router FW updates, the simplest fix of all...your fix... has ACTUALLY fixed this issue.
I don't need to change from 2.4GHz to a 5GHz network, I was already running WPA2.
N.B. - If any one is running WEP, you should just consider disabling it altogether as it is very easily crackable. Don't believe me. Google it. If your router doesn't support WPA2, then it is time for a new router. If your mac doesn't support WPA2, then it most likely can not run Mountain Lion.
Basically, it seems that Mountain Lion (upon coming out of a sleep state) looks at the "service order" list and attempts to connect using the first thing in that list. In this case, the default order is: 1.) Bluetooth DUN, 2.) Firewire, 3.) Ethernet, 4.) WiFi.
To be honest, from a probability standpoint of consumer usage, I would quite confidently say, that list is almost inverse.
The absolute most common method of internet / network connection for almost any device running OS X 10.8.2, should be WiFi, then Ethernet, and as a stretch, someone using Firewire to move some files via Mac-to-Mac direct connect.
With more an more Mac Book Pros and Mac Books out there, perhaps some poor entry-level programmer thought that Bluetooth DUN (Dial-Up Network) protocol should be THE most important and hence primary connection menthod. Not sure about you, but the last time I used a dial-up script it was for ADSL when I lived in Taiwan... 9 years ago.
Bluetooth DUN, which is not be confused with using your phone as a "WiFi Hotspot", which IS becoming quite common with people moving to 5GB data plans as well as shared family data plans, is probably helpful for the 0.001% of the Mac computer owning population that lives in areas where dial-up (via cell phone) is the ONLY method for getting on the internet. I am thinking, serious "3rd world" action or very remote sites within N.A. where you only have a cell connection with voice service only (no EDGE, GPRS, 2G, 3G, 4G/LTE).
This may be a cause as to why some folks are seeing some random improvements when they take Bluetooth devices (include Apple's own Magic Mouse) out of the range of the Mac.
So, there is something that happened in Mount Lion and that something is it obey's (unconditionally) this "service order" list and since WiFi was not listed first (by default), it will tell the network manager to just keep trying to make a connection via Bluetooth DUN while your WiFi taskbar symbol at the top just keeps looking to re-establish the last connection it had, but is unable to see anything - because the network connection has now been handed over to the Bluetooth device in your Mac which keeps looking for someone to put in a PIN into their Bluetooth cell phone to establish the connection.
I believe this same solution will solve other issues reported with Ethernet connections. Just move Ethernet to the top of the "service order" and when your computer comes out of sleep, it will re-establish the same Ethernet connection with the same DHCP or hard-coded IP address it had before going to sleep.
I sure hope this message makes it out to others that have been plauged with this issue.
If my continued testing results in anything other than pure success, you can believe that I will be back here to make an update to this post.😉
Best Regards,
Dave