Same. 1.7.10 is always fine, both vanilla and Bukkit. 1.8 vanilla sucks and either lags or crashes all the time. The -nogui option doesn't help; that's what I always did anyway. Running on OS X Server 10.6.8 with Java 6. Not that I enjoy your misfortunes, but I'm glad this isn't only happening to me.
It's not my computer hardware. I'm leaving the servers running on the same machine, and 1.7.10 works while 1.8 crashes.