If the reset doesn't work, rake your phone back to Verizon's and get a new one. I had the same issue, And vertigo a new one fixed the problem. They replaced it hassel free.
They would not replace it , stating this was a software issue and not hardware. mind u I have not had this device 30 days as of yet. the only thing they did was a complete wipe
Both my wife and I have Droids and it never fails at about 7 - 10 days it will need either a battery pull or a reboot. Than everything is fine again. In my opinion these are hand held computers which needs a reboot now and than. I have given up looking for that perfect smart phone. I think the Droid is as close as I am going to get at this point.
I'm hoping they keep up with the updates on this phone. I came from an iphone, and I never had it shutdown, reboot etc. sometimes it froze up, but I would restart it myself and all would be fine, and that would only happen every few months or so, it was not common. I don't have problems with my computers either. I'm not happy about my droid how it's laggy and keeps freezing up with a black screen to where you have to take the battery out etc. They need to fix this problem. I know it hasn't been out long, so I'm hoping they are working on updates to fix all these problems.