I have been following this thread for a few weeks since taking the upgrade to Mountain Lion 10.8.3 broke audio in Ableton Live. At first I thought it was an issue with Live or a a plug-in and went throught the troubleshooting steps everyone else has been through. However I could get the audio dropouts to happen, albeit not as severe, by taxing the CPU while listening to spotify.
Update to 10.8.4 did not solve the problem.
I finally bit the bullet and backed up and re-installed. Some hours later I still had audio issues. However I had not really done a clean install. After the install I went with the "copy user folder" option to put my data back. What I didn't realise is that this will also change system components that are linked to any apps that come across too.
I don't know what app or component it was - I have added and removed many audio tools and apps over the last 5 years since I last did a brand new install - but something was still wrong.
This weekend I did a clean install and didn't migrate anything. After install the only thing I did was take the Apple update and install Ableton and Max again. All audio issues have been resolved.
I have now added back the audio components that I actuall need, no Perian or other QT plug-ins yet, and things are still stable and I can use my studio again.
So for those still having issues after an update it would seem that there are some combinations of kext/component that do not get fixed in the update. It's lot more effort than a backup then migrate and any apps for which you no longer have installation files can not be brought over but if you need the audio working more than that cracked copy of CS4 then its worth a try.