To those who still have this problem of Macbook Air not waking up from sleep (closed lid, for more than a few hours of sleep). I was stucked with this problem myself (on a MacBook Air mid-2012, with ML installation over Lion) and could not find a culprit. Did the SMC reset many times to get back to work (hard reset). I finally found the solution, but it implies using the terminal. It seems to be a hibernate mode problem. Mine was set to 5, when the problem was persistent. I switched to 0 through the terminal and this morning when I woke up, my Mac wake up from sleep almost as fast as me ;-) . Here are the details:
To check your hibernate mode:
In the terminal:
pmset -g
This should allow you to see what your hibernatemode status is. Mine was:
hibernatemode 5
To switch your hibernate mode to 0
sudo pmset -a hibernatemode 0
Be careful with the consequences, though, you should check this page for more info about hibernate mode:
http://etherealmind.com/osx-hibernate-mode/
There is also a discussion thread here
https://discussions.apple.com/thread/4149260?start=0&tstart=0
that goes into details and give several testimonies with similar issues and how the hibernatemode change has solved (most of the time) their problems. I will test myself with modes other than 0 (not the safest of all modes...) but for the moment at least, my mac is responsive...
For those who want more explanations about sleep modes and using Terminal to switch between them:
http://www.macworld.com/article/1053471/sleepmode.html
Hope that this help... Good luck