I was going to say that it couldn't possibly be the switch, then I read Frank's post.
It may be the wires -- if you get a power glitch to the ESC it'll (presumably) reset. I'd put the plane on the bench, take off the prop, install batteries, turn it on, and while it's running, wiggle every wire I could get my hands on. In particular, I'd wiggle the wire from ESC to timer, and most particularly around the spot where it goes into the ESC and the connector to the timer. With the prop off the load is going to be very low, so you should be able to do a 6-minute "flight" on the bench in still air and not have any cooling issues (and if you do it'll be the ESC or battery, and you can feel them.
This won't necessarily find a loose connection (nothing will -- I hate intermittent problems), but if wiggling a wire makes it misbehave, and if wiggling the wire didn't also wiggle the timer and hence the switch, then you've found the problem.
I'd also look at the way that the switch and/or timer is mounted, to make sure that the switch itself doesn't flop around in maneuvers and get actuated accidentally.
Come to think of it, if wiggling wires doesn't make it misbehave, try rattling the whole plane with motor on and prop off -- if that makes it cut out, you know you have a mechanical problem of some sort, not a motor loading issue.
And speaking of mechanical issues -- is the prop well balanced? Does the plane stay vibration-free with it turning? If you've got high vibration that'll cause no end of problems with wires and switches and whatnot.