I have a Pegasus2 at work that worked perfectly for a while but now has a problem where it randomly will hang up, and can only be resolved by pulling the power to the RAID. When it happens the computer also stops responding. It's very frustrating.
This sounds very familiar. If you look in the Promise utility, what errors are being reported? On mine, after it runs for a day or two I get a continuous loop of hard drive spin-up failures on multiple drives until I completely shut down and power off the RAID and Mac Pro. Then they magically work again. Promise replaced 4 of the drives, but the new drives did the same. Got to the point where we would have to power-cycle the RAID every morning in hopes that it would make it through the day.