Rebooting servers is based on
opinion, infrastructure and time. You can find *plenty* of arguments to support what you want to do, one way or the other.
Now for something completely different:
http://kernelcare.com/
There are surely open source alternatives to that,.. and it basically allows you to patch a kernel in-place without reboot, like the old Solaris boxes.
Very kewl.
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Addendum:
There is RISK in rebooting any system. That's why there is such an argument about whether to do it or not. The one thing most admins agree on is that
there is RISK to the hardware when rebooting -- disks fail, memory goes bye-bye, fans don't spin up. Even on a 'stable' system that has not one little problem that is visible, it's a possibility that it won't boot back up for some reason. Especially after 500 days in service!
So keep that in mind when researching your rebooting cycle.
Personally mine is 'security' based. If an urgent patch comes out for the kernel, she gets a reboot. But I have spare parts, spare servers and everything I manage is in a HA configuration, so if half the hardware doesn't come back up, I'm not screwed.