I apparently have run into a situation where chkdsk.sys is exhausting too much memory from one of the memory arenas, but the reboot is not being triggered.
It is more likely that it is not using enough memory to trigger the reboot. That can happen if you have lots of memory, and not a lot of files on the drives. However, that situation should not cause problems later. I suppose that it may be a situation where too much memory is used, but the reboot threshold has not been crossed. Try adding a couple of hundred (perhaps thousand) small files to the disk with the most files, and see what happens.