Just had a huge freakout!
My X10 was charging and I was texting while it was charging, then it just shutoff. This was at 8am. Because my SIM card gets stuck in the phone, and I dont have tweezers I was freaking out even more. I was getting the flashing red light that every one else is talking about.
Called S.E. and gave serial number and such, processed order to ship. When I put battery back in (3hours later) it magically started working? Confused the heck out of me, but the Cynogen Mod logo popped up, and Im getting a solid red dot. Hopefully it was a one-time freak out only!
However, I did notice my phone acting a lot slower than normal for the past week.
I did also take out the Micro SD as suggested by other posters.
Thanks guys, and just wanted to share my story.