I don't think it is specifically a handset issue, although there may have been an update that invalidates a lot of handsets -- I have an LG 640 (P705g) and it worked marvellously for months, then suddenly started rebooting as soon as I click the Next key after previewing or modifying the image --- it can't be the camera at that point, because the image is already stored in the proper dir and I can access it using the Gallery app.
And that it reboots the whole phone suggests a serious programmer error; it is maybe significant that Facebook buys out Instagram and suddenly there is a serious null-pointer call and no response from technical support, suggests maybe the person who actually knows how to fix it doesn't work there anymore?
My phone runs Android 4.0.3 -- a reboot generally means the program makes a jump to the location-zero instruction, because when the machine is turned on, the hardware goes to address zero and starts reading (not yet knowing it is a phone) so the programmer may be calling some feature of later Android editions, but the lookup for the address of that function somehow returns zero, and it proceeds without checking (sloppy programming) which results in a complete reset of the phone's core (burned in) hardware initialization sequence, ie a reboot.
And, sadly, this suggests the problem is not going to be fixed and all of us are left stranded until we can upgrade to a more modern Android :'(