HP, finally sent me a new printer on June 1st. I've had it powered on since then, but have been unable to really test it until June 13th. So far, this printer seems to be working properly. I haven't experienced any hangs like I was with the previous printer.
Also, I noticed that I no longer see any warnings in OSX when selecting the printer when initially printing to it. When the printer was in a "failed" state, before I even printed, there would be a warning triangle in the printer list pull down when trying to print. If you hover over the message, it would give an error like "ipp-job-missing" or something close to that. I don't recall the exact error any more.
I'll post an update if this printer stays up for the next 2 weeks.