So some asus motherboards have a problem where, if you do a cold boot, it will boot/fan spinup and then do it again. Ergo, cold double boot.
I found that disabling the marvell sata controller in the bios removed this problem for me. I use my SSD's on the intel ports so, if you're using fewer than 2 SATA 6gb/s drives maybe this will help you.
This is on the asus p8p67 motherboard, I hear it affects the P8z68 as well.
I know you're not a noob. I had seen forum posts elsewhere with people puzzled by the P8Z68-V-[Pro/Deluxe/etc.] behavior. And of course you would know the boards have their own TPU "processor" and EPU which manage the clock settings and voltage regulation . . . I'm not sure exactly what they do when switched off.
So when I cold boot, the fans fire up full throttle, then the system almost seems to go dead until the keyboard etc. initialize. I've noticed that changing clock or BIOS settings may have the board go through a couple cycles of this.
I think some people expected it to work according to their experience with LGA-775 or socket-478. These boards seem much more stable than for prior generations, but some processes [like unhinging the ISRT cache drive] can take long enough that a user can panic and hit the reset button (as I did last week).
The only time I've ever had the system lock up so I really needed to hit that reset button was with BSOD's during the over-clocking process. And of course, "reset" doesn't solve that problem all the time.
I just suspect that some folks see the board behaving in unexpected ways, and jump to conclusions about it.