okay, this just happened to me yesterday.
I look to my phone and it turned off then back on and started loading up.
It's been almost 24 hours and it keeps doing the same thing over and over again.
Showing the "Droid" words and then the red eye thing.
Do i take it in to get a replacement? or what?
I did a hard reboot and did a factory reset.
My phone is now back to normal.