For all intents and purposes, the distinction between "trojan" and "virus" is irrelevant. It's still malware, and the most common infection vector these days is via the browser. There are and will continue to be HTML rendering engine exploits.
Yes, safari and chrome are sandboxed, but the mac has been owned every year at pwn2own so far, and I don't see that changing any time soon.
The Java exploit used in Flashback didn't rely on memory corruption but utilized a logical error related to the reference array in Java. In general, this type of vulnerability is rare but seems to be more prevalent in relation to Java.
HTML rendering exploits rely on memory corruption. Currently, there are no known methods to bypass the runtime security mitigations in Lion and ML to allow these types of vulnerabilities to be exploited.
For example, Safari running on Lion was not compromised at the last pwn2own.
re: av subversion.
read my post. its not a silver bullet. it is an additional layer. trusting your security to a single layer (safe computing) is negligent. accidents happen. are you really sure that you will NEVER click on something dodgy, at 2am after a few pints?
Read my post. OS X includes AV software by default so it already has multi layer defenses.