Folks, I'm getting the same issue, and have tried the LWJGL updates et al. I'm running Mac OS X 10.8.3 test version, with the latest solid Java 1.7 version. I've had the same issue intermittently from 10.7 up. Removing all Minecraft related files from /Applications and from ~/Library/Application Support fixes the problem some of the time. Creating a new Minecraft instance from another account fixes the problem some of the time.
I watched console for events and as soon as the bug occurs (can't move in any direction, can't jump, can destroy blocks around me) i get the following:
1/02/13 2:25:54.505 PM JavaApplicationStub[31278]: Make pbuffer: 854 x 480
1/02/13 2:25:54.509 PM JavaApplicationStub[31278]: invalid drawable
I can replicate this until the cows come home. ANY response from Mojang would be appreciated. If the problem really is in LWJGL, then sit down with the devs and try to track it down. From other posts here, that doesn't seem to be the case, but I am not a Java developer.
Same behaviour on Mac OS X.