Hi Linc,
Extended Apple Hardware Test has passed with no issues, been running the iMac without opening Safari for several hours with no issues.
Shortly after opening Safari again, same problem entire machine locks up, can't switch apps and have to force the machine to restart by powering off and on again.
System Logs:
12/08/2012 12:38:31.566 com.apple.usbmuxd[29]: _SendAttachNotification (thread 0x7fff7353a180): sending attach for device 3c:d0:f8:0a:b8:84@fe80::3ed0:f8ff:fe0a:b884._apple-mobdev._tcp.local.: _GetAddrInfoReplyReceivedCallback matched.
12/08/2012 12:38:31.715 usbmuxd[29]: _AMDeviceConnectByAddressAndPort (thread 0x100781000): IPv4
12/08/2012 12:38:31.794 ath[644]: _AMDDeviceAttachedCallbackv3 (thread 0x7fff7353a180): Device 'AMDevice 0x10251a580 {UDID = 4f28851cdae4f15e6dca067fe8bbb27d5eec08bc, device ID = 41, FullServiceName = 3c:d0:f8:0a:b8:84@fe80::3ed0:f8ff:fe0a:b884._apple-mobdev._tcp.local.}' attached.
12/08/2012 12:38:31.794 ath[645]: _AMDDeviceAttachedCallbackv3 (thread 0x7fff7353a180): Device 'AMDevice 0x106000d80 {UDID = 4f28851cdae4f15e6dca067fe8bbb27d5eec08bc, device ID = 41, FullServiceName = 3c:d0:f8:0a:b8:84@fe80::3ed0:f8ff:fe0a:b884._apple-mobdev._tcp.local.}' attached.
12/08/2012 12:38:31.795 iTunes[640]: _AMDDeviceAttachedCallbackv3 (thread 0x11492c000): Device 'AMDevice 0x7f9dcf6ad720 {UDID = 4f28851cdae4f15e6dca067fe8bbb27d5eec08bc, device ID = 41, FullServiceName = 3c:d0:f8:0a:b8:84@fe80::3ed0:f8ff:fe0a:b884._apple-mobdev._tcp.local.}' attached.
12/08/2012 12:38:32.079 ath[644]: _AMDDeviceAttachedCallbackv3 (thread 0x7fff7353a180): Device 'AMDevice 0x10052b640 {UDID = 4f28851cdae4f15e6dca067fe8bbb27d5eec08bc, device ID = 41, FullServiceName = 3c:d0:f8:0a:b8:84@fe80::3ed0:f8ff:fe0a:b884._apple-mobdev._tcp.local.}' attached.
12/08/2012 12:39:11.202 com.apple.usbmuxd[29]: _SendDetachNotification (thread 0x7fff7353a180): sending detach for device 3c:d0:f8:0a:b8:84@fe80::3ed0:f8ff:fe0a:b884._apple-mobdev._tcp.local.: _BrowseReplyReceivedCallback got bonjour removal.
12/08/2012 12:39:11.202 iTunes[640]: _AMDDeviceDetached (thread 0x11492c000): Device 'AMDevice 0x7f9dcf6ad720 {UDID = 4f28851cdae4f15e6dca067fe8bbb27d5eec08bc, device ID = 41, FullServiceName = 3c:d0:f8:0a:b8:84@fe80::3ed0:f8ff:fe0a:b884._apple-mobdev._tcp.local.}' detached.
12/08/2012 12:39:11.202 ath[645]: _AMDDeviceDetached (thread 0x7fff7353a180): Device 'AMDevice 0x106000d80 {UDID = 4f28851cdae4f15e6dca067fe8bbb27d5eec08bc, device ID = 41, FullServiceName = 3c:d0:f8:0a:b8:84@fe80::3ed0:f8ff:fe0a:b884._apple-mobdev._tcp.local.}' detached.
12/08/2012 12:39:11.203 ath[644]: _NotificationSocketReadCallbackGCD (thread 0x7fff7353a180): Unexpected connection closure...
12/08/2012 12:44:24.000 bootlog[0]: BOOT_TIME 1344771864 0
Safari appears to be the only application that triggers this problem with the machine, if I don't use Safari everything runs fine.
I'm at a loss as this only started happening after upgrading to Mountain Lion from Lion, I've already tried a clean re-install of Mountain Lion and not restoring anything from backup and the problem still occurrs with Safari.
I've also ensured there are no browser extensions installed, I've rebooted into the Recover Partition and Repaired the disk as well as repaired permissions. The problem appears to be with Safari, for some reason it is able to crash and take all other processes with it.