I just got a MBA a couple of weeks ago. I installed 10.7.3 out of the gate and then setup my preferences and apps. I setup a network preferences location for my work wifi which uses a proxy and Enterprise WAP and when I got home, I setup another location for my home Wifi. When I got back to work, I had nothing but problems connecting to Wifi (and of course I was selecting the work location). It would not reconnect out of sleep. Sometimes it would not see any SSIDs (even though there are several in range) or it would not connect to it's known network and even after selecting it again, it may not connect promptly. It was a nightmare. Not much unlike what I'm hearing in this thread.
I then removed all remembered networks, all locations, all proxy settings, and rebooted. I connected to my work wifi from scratch, setup my proxy settings again, and saved that as a location in network preferences. From then on, it's worked fine. Connects immediately upon resume from sleep. I haven't bothered to setup a new location at home. I just use the same one.
Who knows what's at the root of this. Of course, YMMV but it's worth screwing around with locations and/or starting from scratch to see if you can clear up your issues.