While reading the rulebook on the plane this weekend (for about 3 minutes before I fell asleep), I noticed in the section under faceoffs where it said you re-face when a player loses equipment before possession is called. I must admit I don't remember having read that before (although it is not shaded so it is not new), but I don't recall ever seeing that called in a game either!

Any thoughts or comments?

Not surprising. Remember that if there is dead ball after the start and before the end of a face-off and position cannot be determined there is a reface. Normally this is if the ball goes oob and it is not know which team touched it last but can be an injury, loss of equipment, or both teams commit technical fouls in which the order cannot be determined.

Also if the ball crosses the defensive area line then you go to AP.

So if a player running in from the wing area drops his stick and possession hasn't yet been gained, you stop play and have another faceoff???

No, for two reasons. If the losing of equipment is in the scrimmage area then blow it dead and reface, otherwise let them play. Secondly, the crosse isn't equipment, you can drop your stick and run in circles all you want but if you participate then it is a penalty; illegal procedure.

Okay, that makes a lot more sense! Thanks.

Here's rule citation also.
Rule 1-9 is about player equipment.

Rule 1-9-3
"Play shall be suspended immediatel if a player loses any of the required equipment in a scrimmage area. Otherwise, the official shall delay the whistle but not drop a flag, in the same manner as set forth in 7-8."

And 7-8 is about the slow whistle. :)