My problem is basically the same there was some time ago when someone was doing high speed downloads and at the same time saving this to an external usb storage; this was fixed I know.. but I think it was only partly fixed.
I'm still having this problem with updated kernel and firmware (tried with the packages in the repos and also with rpi-update), because I use wifi instead of ethernet connection.
Playing movies through network streaming works just fine, but when I'm torrenting something at a decent speed I just get the kernel panic.
My guess is that there was something fixed for the smsc95xx ethernet chip, but not for every usb device that's compeeting for the unique usb bus that the raspi has.
Any help would be appreciated:)
best regards!