I have experienced this twice as well. The details that I have noticed are that the server connection loss icon in the upper left flashes a bit, and then a friend and I were simultaneously disconnected.
We were able to join the server again immediately after, but the world seemed to roll back progress to maybe the last time we slept in-game. Our characters had the inventory and equipment from when we were disconnected though. I was irritated because I built my first connecting portal that was suddenly gone, and my boat was back at where my character had slept at.
I don't know if it is a game bug or if there is something with the world save that corrupts and causes it to roll back a little bit.