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going to wait and see if it keeps happening. noticed it a few nights ago when it woke me up and then once again in the morning as the phone was on the charger. and then another time when it was in my wife's purse.
I've not had a total re-boot, but on a few occasions there has been a pop-up that says "Loading" which sits there for about 10 seconds with the revolving circle, then the phone loads as normal.
When it starts to happen and after it has done it two or three times I just re-boot the phone and it is then OK for a week or so.
I know it isn't the cashe as this is cleared automatically every 4 hours.
No new apps have been installed and there is also no consistency with which app I was using before it happened.
It isn't a big deal and I assume that it is some part of the operating system that gets a bit clogged-up with use and is not clearing itself properly. It could be a software glitch with ICS, unless it isn't happening to anyone else.
Maybe the full re-boot is a more severe version of what is happening to mine
Is that when waking your phone from a sleep state? Or going back to the homescreen from an app?

Do you run some sort of app killer or memory tuner?

The only app on my wife's phone is tasker right now.
Next, when im feeling brave im gonna root it to get rid of all that htc bloatwareJust found a fix for this rebooting prob on tmobile forums, this is it:
After lots of trial and error, I am in complete agreement it is the wi-fi causing the problem. After constant reboots of my original phone and the one t-mobile exchanged for me, I turned off wi-fi for 48 hours and it was fine.
I dug around a bit more on the HTC forum and found a post with the following advice: Go to Settings > Wi-Fi > Menu > Advanced, and tap on "Keep Wi-Fi on during sleep" to enable it. Do the same for "Best Wi-Fi performance." Next, perform a soft reset by pressing and holding your power button and then choosing Restart.
I followed the steps above (mine did not have "Best Wi-Fi performance" checked) and it has been working correctly without crashing for the last 24 hours. This includes going from home to work and back with the phone in my pocket. I am keeping my fingers crossed that this will do the trick.