Folks, I did experience this on my D2, but only after having it for about 2 months. I called Verizon last week to explain the problem and the rep immediately said it was a known problem related to the power button. I suggested it could be an app I was running, and said I'd be happy to do a hard reset, but he said that wouldn't be necessary. Motorola is aware of the problem and their instructions to Verizon is to replace any phones which exhibit this symptom. He then proceeded to ship me out a new phone, which I received Tuesday.
As it was explained to me, apparently there's a sort of "watchdog" process built into the phone (term stolen from a responder to this same issue on another thread). I'm not sure if it's hard coded into the processor or if it's a foundation level process that runs, but it watches to see if the power button is pushed or if the keyboard slider is opened (along with perhaps hundreds if not thousands of other potential status changes), and then looks to see if the screen responds. First, if it doesn't see the two happen one right after the other, it then tries to start up the screen itself. It may try this several times for all I know - it makes sense. This explains why the screen will wake on its own sometimes upto half a minute or more after unsuccessful button presses or keyboard openings. Second, if it still doesn't see the screen respond after a time-out period (could be 1 minute?), then it does a self-initiated reboot. You will notice the self-initiated reboot never shows the White M (Motorola logo), but starts from a Black screen and goes right to the Droid eye animation.
This is apparently some kind of fail-safe mechanism, not unlike a forced reboot on a Windows based PC when the operating system becomes unstable, and it is the phone's attempt to resume normal operation, hand back control to the user, and (hopefully) resolve whatever was hanging the phone up in the first place. Perhaps those well versed in Linux can contribute a better (or more correct) explanation than my novice's representation.
Now, what actually caused the hang which results in the above? Well, I have yet to identify it. Perhaps armed with the knowledge above someone can drill down to the root cause and let us all know. It could be the issue mentioned regarding whether you use the back button or home button to leave an app, thereby leaving too many running processes. It could be a conflict between any two specific apps, or it could be a conflict in interrupts. Well, I am speculating at this point, but the new phone doesn't do the same thing...yet, so I am at least pleased of that.