I'm now a member of the "Freezing Club!!"
I was able to reproduce the problem too - let me explain:-
I was helping a colleague over the phone today to set up and load a SET into his new PA4X.
It is a SET that we both purchased a long while ago from a reputable vendor who is very experienced with Korg arrangers and whom you all know.
I used this SET on my PA2XPro, PA3X and now my PA4X and had never encountered any problems
This SET was purely SOUNDs (with samples) so there were only 3 folders inside the SET (SOUNDS, PCM & MULTISMP)
Loading the whole SET put the SOUNDS in USER BANK 1 by default and all samples loaded and played perfectly.
So today whilst I was helping my friend load up this SET (developed on the PA1X originally), I came across something interesting.
I was anxious to remove and tidy up some of the SOUNDs in this BANK USER-1 and as you know you can do this by highlighting the SOUNDs to remove etc... and then using the drop down menu to delete.
Well, whilst doing this I noticed that 4 of the USER 1 "pages" were empty which was fine.
Normal empty SOUNDS appear with 3 dashes "- - -"
However 2 of these empty pages (16 SOUNDs in total) showed each SOUND as completely blank (no dashes).
When I tried to do things with any of these completely blank entries my PA4X instantly froze.
Reloaded the SET and tried a few different things etc... but freezing continued.
Even though this SET was clearly perfect on the previous arrangers, it definitely was not on my PA4X.
I do not know if this "blank" entry is an issue elsewhere (STYLEs etc) but obviously it has something to do with the new OS and banks structures.
If this has been reported before, I apologise - I couldn't find another reference to it so here it is.
Maybe something to watch out for
Cheers
Pete

P.S. I did manage to get it tidied up and re-saved the SET to avoid any future problems.
I am on 1.2.4 but this also occurred on 1.2.1