I have been trying to use either Raspbian "wheezy" or Raspbmc on my Model B, revision 2 board (the 512mb one).
SD Card: Amazon Basics 16gb class 10
USB: Logitech wireless receiver for keyboard & mouse
PSU: 1.05A, I think the brand is "NovaTel"; I have also tried with a 700ma Blackberry charger
Display: HDTV via HDMI
I wrote the 2012-09-18-wheezy-raspbian image to the card using Win32DiskImager. Put the card in the RPi and boot. I get the color screen and then the config screen. I set my configuration and selected "Finish". It booted to a desktop. I opened a terminal and a browser (midori?). After about 10 seconds, CPU usage spiked in tray and the terminal said something like "Segmentation fault" when I would try to execute a command like apt-get or ls. At some point the icons on the desktop disappeared and the mouse & keyboard became somewhat unresponsive. I tried to reboot using the icon in the bottom right, but nothing happened.
So, after waiting ~30 seconds, I unplugged the PSU and plugged it back in. On boot I got all sorts of error messages (sorry, no screenshot of this boot). So I unplugged and plugged back in, and I get this:
http://static.inky.ws/image/3325/image.jpg
I have tried removing the USB devices and I get the same result.
I have had very similar issues with Raspbmc as well where I can get it to boot and install the first time, but at some point it will hit some freeze and upon reboot, it will not boot. If I re-write the image to the card, it installs & boots the first time fine, but then I run into problems within an hour or so and wind up starting over again.
I have a 4gb class 4 SD card I am going to try as well (not sure on the brand).
I did search around quite a bit and it sounds like many people are having trouble with the most recent software, but it sounded like this was only for cases where they had modified their boot parition, config.txt, init, stuff like that.