This is an unfortunate bug / side effect of the latest system update that HTC sent out. They claimed that it would only happen for a couple of nights and would stop once it ran through the cycles needed for the update, but in my experience that is BS. It was discussed extensively in this thread:
http://forums.androidcentral.com/verizon-droid-incredible/182357-dinc-system-update-4-08-605-15-a.html
Setting the phone to silent will at least keep you from being woken up by the "DROID!!!" sound, although the flashing lights might still bother you. I've set up a profile using the Llama app to automatically silence my phone from midnight to 6 am, and I turn it over so the screen is face down - so although my phone continues to reboot randomly some nights, it doesn't wake me up anymore. I don't have to use my phone overnight, so that works for me. If you need to use the phone overnight, you might want to consider a new phone, because I've never found a consistent fix for this rebooting problem.
Otherwise, my phone seems to keep chugging along. I still love this phone despite the fact that it drives me crazy sometimes, so I'm hanging onto it as long as possible.