[Hero, G2 Touch Android Development] StNickZA:
As requested, here is my logcat. What I did was fired up Handcent and clicked "compose". I then started logcat, and began Swyping.

By the time Handcent locked up, there was nothing of interest (that I can see anyway) in the logcat. Still, here it is for your viewing pleasure.

D/UpdateService( 626): 3 : updateAppWidget (push update to remote view)
D/UpdateService( 626): An event will end before next scheduled alarm, reshedule alarm ...
D/UpdateService( 626): An event will start before next scheduled alarm, reshedule alarm ...
D/UpdateService( 626): >>>> Requesting next update at 1274977800000, in 213.0 min <<<<
D/UpdateService( 626): kill service
D/UpdateService( 626): CalendarObserver Google registered
D/UpdateService( 626): CalendarObserver Moto Exchange registered
D/dalvikvm( 223): GC freed 5655 objects / 339696 bytes in 147ms
D/UpdateService( 626): CalendarObserver Touchdown Exchange registered
D/UpdateService( 626): observerTasks registered - Astrid
I/ActivityManager( 140): Starting activity: Intent { cmp=com.handcent.nextsms/com.handcent.sms.ui.ComposeMessageActivity }
D/dalvikvm( 577): GC freed 5806 objects / 323056 bytes in 101ms
I/ActivityManager( 140): Displayed activity com.handcent.nextsms/com.handcent.sms.ui.ComposeMessageActivity: 1218 ms (total 1218 ms)
D/NetworkLocationProvider( 140): onDataConnectionStateChanged 3
D/NetworkLocationProvider( 140): onCellLocationChanged [10326,21428557]
D/MediaScanner( 258): found .nomedia, skipping directory
D/MediaScanner( 258): prescan time: 3720ms
D/MediaScanner( 258): scan time: 24732ms
D/MediaScanner( 258): postscan time: 1ms
D/MediaScanner( 258): total time: 28453ms
I/BootReceiver( 643): Got intent with action android.intent.action.MEDIA_SCANNER_FINISHED
I/CacheService( 643): Refreshing cache.
D/MediaScannerService( 258): done scanning volume external
D/DiskCache( 643): Wrote index with 1 records.
I/CacheService( 643): Building albums.
I/CacheService( 643): Starting CacheService
I/CacheService( 643): Refreshing cache.
D/DiskCache( 643): Wrote index with 1 records.
I/CacheService( 643): Building albums.
D/DiskCache( 643): Wrote index with 3 records.
I/CacheService( 643): Done building albums.
I/CacheService( 643): Building items.
D/DiskCache( 643): Wrote index with 6 records.
I/CacheService( 643): Done building items.
D/dalvikvm( 217): GC freed 2316 objects / 113872 bytes in 95ms
I/CacheService( 643): Preparing DiskCache for all thumbnails.
I/CacheService( 643): DiskCache ready for all thumbnails.
D/dalvikvm( 193): GC freed 943 objects / 77040 bytes in 158ms
D/dalvikvm( 217): GC freed 1489 objects / 90152 bytes in 74ms
D/NetworkLocationProvider( 140): onDataConnectionStateChanged 1
D/NetworkLocationProvider( 140): onCellLocationChanged [10325,1992]
W/InputManagerService( 140): Window already focused, ignoring focus gain of: com.android.internal.view.IInputMethodClient$Stub$Proxy@440051f8
D/AlarmManagerService( 140): Kernel timezone updated to -120 minutes west of GMT
D/SystemClock( 219): Setting time of day to sec=1274964983
W/BackupManagerService( 140): dataChanged but no participant pkg='com.android.providers.settings' uid=10032
D/dalvikvm( 223): GC freed 1350 objects / 86360 bytes in 91ms
I/ActivityManager( 140): Start proc com.android.inputmethod.latin for service com.android.inputmethod.latin/.LatinIME: pid=722 uid=10006 gids={3003, 1003, 1015
}
D/Swype ( 217): SwypeInputMethod.onDestroy() called
D/dalvikvm( 722): Trying to load lib /system/lib/libjni_latinime.so 0x43babae0
D/dalvikvm( 722): Added shared lib /system/lib/libjni_latinime.so 0x43babae0
D/dalvikvm( 336): GC freed 6495 objects / 420168 bytes in 155ms
I/ActivityManager( 140): Starting activity: Intent { cmp=com.handcent.nextsms/com.handcent.sms.ui.ComposeMessageActivity }
I/ActivityManager( 140): Displayed activity com.handcent.nextsms/com.handcent.sms.ui.ComposeMessageActivity: 435 ms (total 435 ms)
D/dalvikvm( 722): GC freed 4204 objects / 197072 bytes in 99ms
W/InputManagerService( 140): Window already focused, ignoring focus gain of: com.android.internal.view.IInputMethodClient$Stub$Proxy@43eddd30
W/ActivityManager( 140): Timeout executing service: ServiceRecord{43de29e0 com.swype.android.inputmethod/.SwypeInputMethod}
I/Process ( 140): Sending signal. PID: 217 SIG: 9
I/WindowManager( 140): WIN DEATH: Window{43ee2640 InputMethod paused=false}
I/ActivityManager( 140): Process com.swype.android.inputmethod (pid 217) has died.
D/dalvikvm( 258): GC freed 3115 objects / 189488 bytes in 104ms
I/ActivityManager( 140): Start proc com.swype.android.inputmethod for service com.swype.android.inputmethod/.SwypeInputMethod: pid=733 uid=10049 gids={}
D/dalvikvm( 123): GC freed 296 objects / 11288 bytes in 172ms
D/dalvikvm( 123): GC freed 47 objects / 2152 bytes in 121ms
D/dalvikvm( 123): GC freed 2 objects / 48 bytes in 89ms
D/dalvikvm( 733): Trying to load lib /data/data/com.swype.android.inputmethod/lib/libSwypeCore.so 0x43bac080
D/dalvikvm( 733): Added shared lib /data/data/com.swype.android.inputmethod/lib/libSwypeCore.so 0x43bac080
I/global ( 733): Default buffer size used in BufferedReader constructor. It would be better to be explicit if an 8k-char buffer is required.
D/dalvikvm( 733): GC freed 2503 objects / 206224 bytes in 70ms
D/dalvikvm( 351): GC freed 6651 objects / 307744 bytes in 85ms
D/dalvikvm( 466): GC freed 1577 objects / 126136 bytes in 100ms
I/ActivityManager( 140): Starting activity: Intent { cmp=com.handcent.nextsms/com.handcent.sms.ui.ComposeMessageActivity }
D/dalvikvm( 577): GC freed 8119 objects / 378976 bytes in 95ms
D/dalvikvm( 140): GC freed 16813 objects / 839864 bytes in 193ms
I/ActivityManager( 140): Displayed activity com.handcent.nextsms/com.handcent.sms.ui.ComposeMessageActivity: 646 ms (total 646 ms)
D/dalvikvm( 733): GC freed 2155 objects / 121504 bytes in 77ms
D/dalvikvm( 476): GC freed 5043 objects / 292512 bytes in 78ms
D/NetworkLocationProvider( 140): onDataConnectionStateChanged 3
D/NetworkLocationProvider( 140): onCellLocationChanged [10326,21428557]
D/dalvikvm( 733): GC freed 1524 objects / 62384 bytes in 77ms
D/dalvikvm( 733): GC freed 5812 objects / 219272 bytes in 97ms
D/dalvikvm( 733): GC freed 9928 objects / 373672 bytes in 127ms
D/dalvikvm( 733): GC freed 8296 objects / 308168 bytes in 96ms
D/dalvikvm( 733): GC freed 13922 objects / 526120 bytes in 109ms
D/dalvikvm( 733): GC freed 15520 objects / 607824 bytes in 160ms
D/dalvikvm( 733): GC freed 12944 objects / 485384 bytes in 105ms
D/dalvikvm( 733): GC freed 9907 objects / 368376 bytes in 102ms
D/dalvikvm( 577): GC freed 16443 objects / 785840 bytes in 124ms
D/dalvikvm( 733): GC freed 10303 objects / 402880 bytes in 78ms
D/dalvikvm( 140): GC freed 14817 objects / 1565880 bytes in 180ms
D/GpsLocationProvider( 140): NetworkThread wait for 3ms
D/GpsLocationProvider( 140): NetworkThread out of wake loop
D/GpsLocationProvider( 140): Requesting time from NTP server north-america.pool.ntp.org
D/SntpClient( 140): round trip: 403 ms
D/SntpClient( 140): clock offset: 1960 ms

I've noticed that my swap partition (seen using the "free" command from terminal) is never more than a few megabytes used. Not sure if this is relevant.

UPDATE: Guys, my humblest apologies! This is not compcache related. I just had the same thing happen with compcache disabled. :( Now I have to try figure out if it's a.) The new Kernel , or b.) My overclock, which for all intents and purposes has been rock stable.