I have similar issues with my Laptop install, GT 550M - 10.7.4 is perfect; 10.7.5 and 10.8.0 total barf. I have reduced the issues some by eliminating the AGPM.kext ... this does help during everyday tasks but sleep, hotplug, screensaving not a good idea yet. These issues also existed for me from 10.7.0 thru 10.7.3 with decreasing occurrence; at 10.7.4 they were extemely rare (once a week ...). Of course, the AGPM.kext is used to throttle your video card so it will be running full-speed all of the time ... I have attempted to mitigate this by editing the kext and forcing just one state with some success but the issues with sleep, etc. still remain.
I am running as a MBP8,3 - editing the AGPM.kext info.plist I delete all children under MBP3,1, copy the device and log children from under the MBP6,2 for Device...0a29 and rename it to Device...0dd6 (my card). I then edit the device entry and change the values under the Threshold_High (both of them) to 0 100 101 101 and Threshold_Low (both of them) to 0 0 101 101. The point of this modification is to prevent the AGPM.kext from actually changing state but instead just start in and stay in state 1. Set the value in the Log child to 1 to see these messages in your log.
As I said, some limited success but it doesn't seem to help the OpenCL DMA issue with display sleep or hotplugging. For gamers, you'll probably just want to delete the kext altogether.