Apple introduced a veritable army of video bugs with Lion 10.7.0 and, as of the current 10.7.4, has only fixed some of them. One of the many reasons why I'm staying with Snow Leopard 10.6.8 and not upgrading further.
By the time Snow Leopard becomes utterly obsolete, I'll have to ponder whether to get a Windows desktop box, 'cause the upcoming Mountain Lion (10.8.x, due out any day now) looks to be a further dumbing down of Lion.
I started getting this error again everytime I closed my laptop and put it to sleep while bridge was still running.
I tried toggling that option but it goes back to the error when I toggle back.
Just checking that option and restarting the application fixes the error.
Not a computer expert but offhand I would say that your video card is not "waking up" properly after hibernation. More knowledgable people suggest hibernation can be a risky venture.
If use software rendering works it means your video card/driver is not up to the task.