Well, I do apologize that you have had such an issue with you and your wife's phones. Now there are a few things you have to consider with ANY carrier, Verizon Wireless included:
A. The "like new" replacement program is not through Verizon Wireless, it is through the manufacturer. That is why it is called a "manufacturer warranty replacement". Verizon does not have a team of people sitting around inspecting phones. Instead, we have to run interference when a manufacturer devices do not work how people expect. Verizon is given these devices to a central warehouse from a given manufacturer on a "loan" of sorts, to which me must ship a device back to that manufacturer matching the same model, or else we have to pay for the device at full retail.
Yes, you could counter with the self-entitled response we hear so often that since its Verizon's problem, then Verizon should front that cost and give you a brand new phone. Fair enough, but what would it help if we shipped you 10 brand new phones that all have the same rebooting issue (which a new phone will not fix until the software is fixed), to which Verizon is just flushing money down the drain. Verizon can no longer sell those returned phones as new. They get shipped back to HTC as defective, repaired, and subsequently placed in "like-new" warranty replacement stock as free replacements. Thats ~$570 per device Verizon loses. That adds up to a major loss in money. Less money means Verizon cannot afford to upkeep its solid 3G network, or improve its fledgling 4G network. That means that $200+ bill you have would end up $500+, or either that Verizon ends up with the quality of network akin to AT&T, which was rated worst by every Tech blog and consumer reporting agency in the USA.
B. Being the adult answer, you, in a clear state of mind, agreed to purchase those Thunderbolts in an agreement to HTC's warranty. This warranty states that if your device is defective outside of your 14 day return policy, you may have it replaced at no cost to you with a certified like new replacement (CLNR). You have every right to end that contract and pay the early termination fee, but please to not complain about something you agreed to in clear conscience. If you wish to have HTC directly repair your device instead of Verizon replacing it, you can find their number on the HTC website, but they charge for the repairs.
C. Finally, if your issue is with reboots, then no amount of replacements will fix it if the CLNR you received was a returned device resulting from the OTA software update cause power cycling. Most of that stock are check for hardware, the OS is reloaded with same updates, and sent to Verizon's warehouse. This is something that is a logical deduction. If you are lucky, you may get a rare replacement that was in the warehouse previous to the update, but that may take multiple replacements. Again, this is all logically concluded if you think about it.
All in all, yes, it is an infuriating issue. Anger is a natural response to something infuriating, but no matter how angry you get, it will not give Verizon a magic wand to change something they have no control over. Verizon is trying its best to keep its customers happy with this issue, but there is a limit to what it is willing to sacrifice (sending you a brand new phone for free) when the sacrifice will obviously not do any good except make you feel warmer inside while your phone is still power cycling.
If you are that unhappy, have received several replacements for the same issue, and do not mind paying some money, then ask the next rep you talk to about getting a manager approved upgrade to another device. You will have no problem getting that accepted granted that you can pay your bill on time, have been with Verizon for a couple of years, and do not complain until you get a new phone every other month.