The game will randomly freeze within a short period of time (sometimes 5 minutes, but no longer than around 30) after loading up a world. Freezing occurs any time an input is made, whether I move around, look around, break something, build something, interact with something, etc. (However, it mostly occurs while walking/sprinting around and jumping.)
Freezing as also occurred while in the world menu. The game will sometimes freeze when I select "Settings" and "Save & Exit," sometimes freezing on the menu screen, or on the loading screen when returning to the main menu.
Any progress made within the last 5 to 20 seconds of being in a world prior to the freezing is lost. Blocks placed on the ground by other players (in online multiplayer) and items thrown by other players just after the game freezes and before they lose connection disappear and cannot be recovered.
EDIT: Sometimes, seconds before a freeze, any item in your inventory that was placed somewhere will be duplicated. I have had it happen with a lantern, where I had 4 before the freeze, but after the freeze I had 5.