No, I think the sensors are going bad. They are battery powered and only last a certain amount of time. Honda, in their infinite wisdom, sealed the battery inside the unit so you have to replace the entire thing on each wheel. The light goes off every now and then randomly, I'm guessing when the battery has enough power to kick a signal back to the computer. The recommended tire pressure for the Element is between 32 and 35 psi cold, which is right where my tires are (33 front, 35 rear for trailer weight + cargo in back).
As a motorcyclist you should know that we are all OCD about tire pressure :|