This is what it looks like inside the guest after the I/O has hung:

When the guest starts showing that wavy line the console output freezes unless you move the mouse over the window. Also notice how much network traffic the guest thinks there is on that graph.
This is the host's view of the same time period:

Host:
Server 2008 R2 with current patches
Intel Xeon E5620 dual socket
60GB RAM
AHCI storage enabled
VirtualBox 4.2.10 (I've had this issue going back several releases of VirtualBox)
This particular guest:
Solaris 11.1 with newest support patches and guest additions
6 CPU with PAE/NX,VT-x,Nested Paging, PIIX3 chipset
64MB video RAM
SATA AHCI controller with one virtual disk and I/O cache enabled (I/O cache on/off doesn't appear to make a difference to the problem)