The phone was on and charging, I go pick it up and press the power button to turn on the screen and there was no response at all. Just the red notification light was on. After a few tries, I did a battery pull. Should I be concerned?
Mine has done this twice in the past week - I'm rooted and running BAMF 3.0 RC4.9 with MR2.
Are you rooted with a custom ROM? I think it has to do with the ROM and certain conflicts occuring (I'm not a dev so . . .). If it begins happening regulary I'll switch my ROM to something more stable.
If it's happened once I wouldn't be concerned. If it's happening with some frequency then you have an issue.
Some of the custom ROMs lock the CPU to a clock speed of 245 MHz which causes the phone to lock up. Try setting a higher min CPU speed and see if it helps.