This sounds very similar to my problem. My tablet has been running, fine, although I'm sure we all know that Acer default ICS isn't stable all the time, but today it crashed randomly while I was typing with Swype on Reddit News Free. Since then it hang on boot, sometimes on the Acer screen and sometimes on the android screen (With shiny silver letters spelling "android"). I did a recovery, and it hung for about 30 minutes at 1/8 full blue bar with the android laying down with the triangle and exclamation point logo, and second time did nothing and reset itself quickly.
The strange thing is that the tablet usually resets itself when it hangs, but this time I had to reset it after it was hung for several minutes.
It's Acer's default ICS, rooted, no custom ROM, bootloader, or recovery.
I've been at college since it happened, and when I get home I might try using a custom update.zip to recover it, but I would love to hear from you guys.
Also no warranty...