LCC is the problem
Check out the Logitech forums. Many Mac users are having kernel panic issues. My Logitech VX Revolution mouse was causing occasional kernel panics when waking from sleep or if I hit the on/off button. The problem lies in Logitech Control Center. I switched to Steermouse (shareware) and haven't had a kernel panic again. Logitech may have upgraded LCC recently in an attempt to fix the bugs, but I'm happy with Steermouse, so I'm not going to experiment with LCC anymore.