I too have get the error "NVDA(OpenGL): Channel exception! exception type", but it seems unlike most others I don't run any graphic-heavy apps.. My iMac usually just runs Spotify (Music player), Transmission (Torrent client), Automatic (Service to keep an eye on RSS feeds) and Playback (UPnP media-server), and yet I've had this error quite a few times during the past week.. I get some rather obvious graphic errors (black screen with just the cursor, black screen with the cursor and a few random pixels in red or green, blue screen with just the cursor, and tons of examples like the one linked to earlier in this thread;
http://img128.imageshack.us/img128/4676/picture1ca.jpg), and the mouse (and sometimes keyboard too) is suddenly unresponsive..
I usually have no luck with rebooting immediately, as it's all the same when it's back up and running.. However, if I give it a few hours (one hour doesn't seem to be enough) it starts up almost fine, and will keep running just great for somewhere between 4 and 24 hours..
One time, I could tell by the clock, that the machine had "crashed" at 10:59:08 PM, and my console had logged the following up until then..
http://drop.io/NVDAOpenGL_Channelexception