I had a problem on my ride yesterday, where I started LiveTrack, and all was well for about 5 minutes, then it stopped working (phone dropped off, per the Garmin, but my iphone still showed the connection to the Garmin as active). I took out my phone, shut down all running apps (including Garmin Connect), then started GC again, and it picked up the device and LiveTrack without interruption. I even checked with my wife, who was able to track my entire ride without problems.
There's definitely a bug, but I think it can be worked around mid-ride. However, I will admit it is very annoying.
Trek Crockett, Madone, Superfly, SpeedConcept & Cobia