I had exactly the same problem. I'd only got MadWifi working a couple of days ago so of course one of the the first things it allowed me to download wirelessly was a kernel update that killed itself!!! Ironic. MadWifi no longer worked after the update and I couldn't reinstall it, as per other peoples' experience.
Since, as it happens, I only have wireless access to the internet for my Linux laptop (to be more exact, I have a single ethernet cable, plugged into my Mac, and the Mac was providing Airport access for my laptop, running Fedora 7 and MadWifi), I was going to resort to booting into W**d*ws instead. However, grub showed me that I could still boot into the older kernel, 2.6.21-1-3194.fc7. MadWifi still works flawlessly with this.
So, this is a potential workaround. If you use grub to, say, dual boot into Linux or W**d*ws, it now basically lets you tri-boot, and you can select the older 2.6.21-1-3194.fc7 kernel for the time being until they get around to fixing 2.6.22.1-27.fc7.
When I got back into 2.6.21-1-3194.fc7 for the first time, I removed and reinstalled MadWifi, just in case my efforts to reinstall it on the newer kernel had damaged anything. As it was, I got some caution messages saying that some modules were still installed, but it didn't seem to cause any problems and MadWifi still works. Phew!
I only started using Linux this weekend... talk about a steep learning curve!
Sarpeyer
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potat0