Same problem here.
This is with a clean install of Nginx 0.8.33 and Ubuntu Server 9.10. Will try with 0.7.65 soon.
Anyhow, Nginx with PHP FastCGI works fine for a while and then just dies. Time it works seems random to me.
If I restart Nginx and PHP FastCGI, web pages in php will load once again, but oddly it keeps trying to load any images / scripts / files, etc. using https now. I don't have https. Agan this does not happen from the start.
Very strange behavior and does not happen until I start seeing 502 Errors.
Have to reboot server for it to work again and it does every single time after a reboot.
Really confusing.