The phone "turns on" like normal (holding power button a few seconds). I get the usual Motorola logo, Droid logo, and the red ocular light. I even get the short vibration after a few seconds, and the eventual startup beep. However, that red ocular light remains, and the phone never completes startup: it is stuck on that light. Hitting the power button presumably puts it to sleep (screen turns off), but further power button presses do nothing. My phone is currently a deadweight.
As a related note, my phone is not rooted, nor have I flashed any ROMs. I'm currently desperately seeking help to restore my phone to a usable state.