Yeah, it's strange. I'm having the same issue.
I can play a game just for for about 5 minutes or so, and then I'll respawn after dying or picking up a field weapon, and I'll lose my primary and secondary weapon. At first, I was only able to use my Gadgets, which--was fun but tedious, then I lost all my gadgets and I only had grenades; but the HUD didn't display how many grenades I had--only that I had them. Then, for the rest of the round, I don't have any weapons, gadgets or anything...
I also won't see the ending screen at the end of a match, and when trying to leave a game, or quit to the XMB my system just hangs there. Does--this have something to do with the 1.02 patch or... something?