It is known.
http://www.ft86club.com/forums/showthread.php?t=8432 (first post)
http://www.ft86club.com/forums/showthread.php?t=74300
http://www.ft86club.com/forums/showthread.php?p=2301565
http://www.ft86club.com/forums/showp...postcount=3837
No idea why it happens, overheating or overloading and it shuts off to prevent damage seems the most reasonable.
Haven't heard any solutions, I don't think CSG experienced it and I think Element deleted the PS so you've gotta keep your fingers crossed for some other random person to have figured it out.
I've never had it happen.
Edit: Your second paragraph sounds like a symptom of electronic brakeforce distribution, not anything at all to do with power steering. Do you brake/pedal dance?
http://www.ft86club.com/forums/showthread.php?t=25494
That's probably the most relevant line of questioning.