Interesting to read a few others with the same issue I had been experiencing.
http://ifly.adventurepilot.com/SUPPORT/Forum/tabid/108/forumid/14/postid/10709/scope/posts/Default.aspx#10709
http://ifly.adventurepilot.com/SUPPORT/Forum/tabid/108/forumid/6/threadid/10943/scope/posts/Default.aspx
The latest update fixed my issues with connecting to my iLevel and since using its GPS signal I haven't suffered a lost signal episode. Still not enough flight hours to say definitely, but it looks promising (knock wood). I had no rhyme or reason to my signal loss - panel mounted, external antenna on glare shield - would go from full WAAS lock to nothing in a matter of seconds. Only a hot reset would fix the issue.