Just got off the phone with VZW after being plagued by multiple restarts this morning between 2:00a-3:05a. The VZW Support Representative was very helpful in explaining what the issue is.. unfortunately not the best outcome I wanted. So here is what they told me - This is a "known" problem they they have already contacted HTC about. HTC had told them that they added a new "Memory Optimization" routine that is scheduled to run between 2:00a - 5:00a. VZW Rep continued to say that this "optimization" will continue to try running repeatedly until it can complete -- therefore any interruption to the core DROID system may interfere with it. There recommendation which has already been covered in the thread is to "Cleared System Cache" or "Restore Factory Defaults" and put phone in "silent" mode until it can finish.
All good things to know in advance, but unfortunately I am unable to put my phone in Silent mode due to being On-Call. I have already cleared system cache during the many reboot cycles this morning with no benefit. I was hoping VZW would offer up sending me a replacement phone DINC or DINC2 but after asking them for a replacement, they declined since I am out of warranty. I am hoping for a good nights rest tonight, but will continue to follow this thread for the next few weeks to report on any progress I've made.