Keep Getting Connection Timeout

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Hi I've been using Memcached for quite a while now and I've been  
getting a lot of
Can't connect to 10.4.2.1:1024, Connection timed out (110) errors  
lately I've verified the server and its up I telnet to it from such  
host reporting the error run stats and its fine.  example:

STAT pid 11313
STAT uptime 6239
STAT time 1199491672
STAT version 1.2.2
STAT pointer_size 64
STAT rusage_user 40.002918
STAT rusage_system 94.965563
STAT curr_items 118907
STAT total_items 483815
STAT bytes 144337068
STAT curr_connections 147
STAT total_connections 521400
STAT connection_structures 941
STAT cmd_get 4058739
STAT cmd_set 483815
STAT get_hits 3442595
STAT get_misses 616144
STAT evictions 0
STAT bytes_read 427787311
STAT bytes_written 6278273384
STAT limit_maxbytes 1073741824
STAT threads 1


So its not running out of space, or connections i have it started with  
-c 2048
any ideas or clues ??
Thanks

Tachu