I've just experienced this flip behaviour.
Ouch!.
It seems that both motors on one side cut together for a moment. I've had single motor/rotor failures before, and the model drops on one corner. This doesn't it drops on one side. Seems to be the side it is possible moving slightly towards. A few feet later, it starts recovering, and straightens up, and tries to recover from the drop. All motors are working when it does this. I was high enough that the model recovered, I then flew back to base, and landed. Rules out just about any hardware problems. My radio is programmed to trigger the Naza failsafe on signal failure, and set throttle to about 33%. Battery was showing 78%, and this data was coming back fine, with altitude, location etc.. All of these merrily carried on unbroken, so the radio link looks to have been fine.
I'm running cobra motors on a DJI450 frame, with Turnigy ESC's.
For me, if this had happened just a few feet lower, the model would have been badly damaged.
Normally the unit will sit and hold position in GPS mode really well, while it flies happily in Atti or manual mode with just a bit more control input, depending on the conditions.
I've flown my Brother's Phantom for ages, and never seen anything like this.
It's as if some part of the PID algorithm, momentarily overflows or wraps, in some specific combination of control/motion parameters.
Best Wishes