This icon has been on all day today on my phone. I had to charge my phone 3 times today when usually I can get through the whole day without charging. I'm not sure what it is because when I pull the bar down...there is nothing there.
I updated the PRL, and Profile. No change. I rebooted the phone. No change.
What is it? It looks like a loading icon of some sort.
FYI, if you have Google Currents installed. that app takes a while to update. Especially if you have a lot of content.
And yes on some occassions gmail, or exchange or other apps that require periodic syncing will hang. Most of the time its on thier side and not your phone. However this will cause your phone to keep trying and keep trying.