My phone got stuck with me in a rain storm while on my HD. I got a malfunctioning power button so I remapped it to the camera button and I just have been living with the red led being lit all the time.
So I replaced the battery and that didnt fix the led so my next thought was replace the motherboard ribbon that has the power button but them I thought I have insurance I will just try to take to gingerbread off and send it back. The water indicator never got wet on my phone but I had to take the phone apart to get all the water out and humidity.
I had a leaked copy of GB and it was rooted so I used my bootstrap to boot my phone into recovery and I loaded Maderstcok.zip to go back to 2.3.340 and I did a data wipe, cache wipe and I loaded the zip. it gets all the way down to Updating radio...
assert failed: motorola.update_cdma_bp("/tmp/rdl.bin", "/tmp/bp.img")
E:Error in /sdcard/download/maderstcok340.zip
I am going to reboot my phone and see how much crap im in but wanted to post this so others would know.