Clearly you think you know me. I have been in the IT field for 20 + years and I am have looked at the logs and monitors to try and sort this. Kernel Task was tying up over 2+ Gigs of the max 4 I can run on my Macbook and was not releasing it. Yeah, the logs didn't really give me squat and Kernel Task was not letting it go for other apps to use. VMFusion never had an issue nor did other applications on my Mac until Lion. Now, before you get even more ignorant with your remarks, let me say that I also tried a FRESH install. Guess what, it did the same thing! Yes, memory issues caused by the Kernel can also cause a kernel panic. So Mr. smart guy, what is the issue? Uhh Uhhh....
So, I rolled it back to SL and I am currently running two VM's, mail, safari and a few other apps for the last two days with no problems!
So, now that I have debunked your idiotic remark, let me say that the wife's MBA is also struggling with Lion. That however, could be due to the fact that it is a 1st gen and only has 2 Gigs of ram in which Lion totally consumes. She constantly has kernel panics as well with various apps crashing that used to be stable.
Bottom line is that Lion has issues releasing memory when finished. Put your poms poms down and realize that this is a new OS with issues. Will Apple fix them? I hope, but until then I will stick with SL as it operates much better than Lion.