As I posted earlier, the custom build 13" MBA I received on June 26 would hang (i.e., freeze, crash, require reboot) whenever connected to Wifi of any kind. I returned it for exchange. The replacement 13" MBA I received on July 8 works flawlessly with every Wifi router I've tried, including 5HGz, 2.4GHz, 802.11/g/n, etc. No drops indicated by the Wireless Diagnostics program. Same software, just a different MBA.
With some trepidation, I installed the 1.0 update when it was released. Luckily, there was no change and Wifi still works perfectly.
I think there's been way too much speculation about the cause(s) of the problems reported here (and I'm guilty of that, too), but my considered opinion after reading all the posts is that the most likely cause is faulty Wifi hardware in some MBAs, and that the severity or nature of the problem varies.
In some cases, simply changing the security protocol, deleting old network profiles, changing the network selection order, etc, fixes the problem. In other cases, where that doesn't work, the 1.0 update eliminates or reduces the frequency of the drops. In still other cases, the fix isn't significantly reducing frequency of the drops or is possibly making them more frequent. From what I've read here, in all cases the automatic reconnect in the update eliminates the need to manually stop and start Wifi, albeit with a potentially significant impact on speed if drops are frequent.
Now, of course I'm not 100% sure that it's a hardware issue, It could be that the people reporting continued drops are using one of a small handful of router models that are incompatible with the MBA's new hardware or software, and the update hasn't fixed the problem for all routers (yet). That seems somewhat unlikely to me, but it's always a possibility.
There's a very small likelihood that there's a bug in the configuration for the drivers/hardware that is caused by migrating from another Mac. This is easily tested by booting from the Recovery partition, which has a clean configuration. Again, I'm skeptical that bad configuration migration has anything to do with the problem.
If I were in the camp of new MBA owners who still have disconnect problems after installing the update, I would do the following:
1. Make sure it's not a configuration problem by booting from Recovery. If it works under Recovery, migrate just the data and programs from your old Mac and don't use Migration Assistant.
2. If Wifi drops under Recovery, systematically attempt to determine if the problem exists with only some Wifi routers, or all Wifi routers. If it's some, I would report this to Apple (yeah, could be difficult to get the model info if it's public Wifi, but you can tell them what setting are reported in the Utilities menu of Wireless Diagnostics.) Hopefully they can fix the issues in software.
3. If the problem exists with all Wifi routers, I would press Apple to replace the MBA, even if it's past the 14 day return period. That might work, depending on the person with whom you speak and the attitude you take on the phone (firm but friendly is the best policy -- don't beat up the person who is trying to help you.) It's important to stress that the problem existed right out of the box, and that the only reason you didn't return the MBA for exchange is that Apple indicated a software fix was coming. Since it didn't work, and it's highly likely to be caused by faulty hardware, they should replace your MBA. If they agree, make sure you can exchange the replacement if it doesn't work.
If you strike out on getting an exchange, then my recommendation is to send the machine in for warranty repair with a detailed description of the problem and how to reproduce it. There's a good chance they'll replace the MBA with one that works. It's a major hassle to be without the machine, but if you love your new MBA...