I am glad that I have found this thread! I experience the very same issue you described, but at the moment I cannot return it to any Apple Store unfortunately, as I am now in Europe. I will have to wait till it comes officially available here... :S
However, when mine freezes, it comes back to normal after some dozen seconds, maybe a minute later by itself. But when it freezes, it does not react to any touch, or if I am pressing home, or power, or does not even display the "turn off" slider, if I hold the power long enough.
And just as sudden this lockup came, it goes away by itself.
Although it does not seem to react to the home button in such a freeze, a soft reset could be done by holding the home+power together. Or I just leave it for a minute, and it goes away by itself. I also did a restore, but the results are the same, I still have the freeze.
And I think the same, it could be a memory error. Since when did this sudden freeze appear at the first time after you started using it?
Or did you brought yours back already? Did they replaced it for you? Does the new one work okay?
@Ameen.safadi: I have found some more threads describing the same issue. some of them tried to take back the device to the store for a replacement which, however, did not help in all cases. but if you can take it back to the store, it is less likely to get another problematic unit.
however, there is also an apple kb article, so it might not be a hw issue, at least hopefully, but if a restore does not solve it... then maybe a new firmware version will, only apple knows...
(here is the kb article I am referring to: http://support.apple.com/kb/TS3281)
Don't know if anyone has tried this but...
I was experiencing the same thing after my daughter downloaded an APP. Turns out the volume was down/muted and VoiceOver was somehow ON. My daughter swears she didn't change this setting so go figure...This setting will make it seem like your iPad is locked up and unresponsive. WHY? Because you have to double-tap to do anything...OR 3-finger scroll to change between screens or scroll from top to bottom of pages. The normal single-tap just launches voice tips that are not audible sometimes.
So to change this you have to:
1) Double Tap Settings
2) Scroll (with 3 fingers) down to Accessibility
3) Double Tap VoiceOver to OFF (this took about 10 trys - needs some looking into guys)
Hope this helps!