Have been noticing the same, myself. Tried to reset mine earlier. The site said the email had been sent, but when I checked my messages, I didn't see anything.
I finally saw it arrive at my work email address instead of my home (I probably made that change on purpose in my account settings, but forgot about that)... but it wasn't until *after* I got home from a meeting/dinner, and by that time, the 3 hours had expired, so I couldn't complete the process.
However, I did notice that the message took 20 minutes to arrive (I turned on all headers in Thunderbird to see the delivery/receipt times):
Date: Fri, 22 Jun 2012 20:07:28 +0000 (GMT) -- so, 16:07:28 my time (GMT -0400)
Delivery-date: Fri, 22 Jun 2012 16:27:29 -0400
So I'd suggest giving it some time and see if it finally arrives, but yeah... something's wonky somewhere. Wouldn't surprise me if my ISP was to blame, but considering I'm getting stuff from others pretty much instantly (I have a message from a client that arrived, apparently, in 3 seconds), I'm not certain.
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Edit to add that the email from Apple for my 2nd attempt to reset my password just came through and, again, it took 20 minutes:
Date: Sat, 23 Jun 2012 01:15:26 +0000 (GMT)
Delivery-date: Fri, 22 Jun 2012 21:35:26 -0400
At least it's consistent. 😝
Message was edited by: Xiebinrui