This thread hasn't seen any activity in a while, so I don't feel bad if this hijacks it...
BUT.. I'm having a very similar issue. Mine won't turn on either. I do get the LED notification light to blink (1 orange light long blink, pause, short blink... repeats over and over).
If I do a battery pull, then push power, nothing visible other than the blinky LED. Not even a vibration. I haven't waited a full 60 seconds before putting the battery back in, but there was 1 or 2 times when I probably did wait 30 seconds. Hmm...
Just to note, this does have CM7.1 on it. Also, the service from Verizon has been transferred to another phone (Droid Razr), so I only use this phone for wifi / playing games on it. I activated my new phone about a week ago, and the problem only started last night.
[edit] Oh, I forgot to mention... On Saturday it worked fine all day. That night I plugged it into my PC USB port (phone was still powered on (sleep mode), PC was off, but there is still power going through my USB hub). Not sure if this makes a difference. I've charged my phone this way before.... [/edit]
Besides waiting a little bit longer before putting the battery in - any other suggestions?