I have had a Ylod console before and where the console just wouldn't switch on and i couldn't get any disks out but my current 40gb fat console has Ylod but after 10-20 attempts at turning it on it usually fires up.
Once it is on it is rock solid and will run for days, until its powered down again, at which point it takes another 10-20 goes of flashing red light and ylod until its "warmed up".
There is also never any problem to get disks out if I need to.
Seeing as once its on it works fine I thought it might be the power supply so changed it, and for half a day I thought it fixed it, but then it started doing it again.
Has anyone had a fault like this before? I assume having changed the PSU that it must be the motherboard, but all the Ylod's i have read about pretty much mean the end of the console from day one, yet I still using this one more than a month later. It is a major pain trying to turn it on though, and its useless when trying to power itself up to record a scheduled programme on PlayTv!
Sounds like you're heating up the solder connections after the 10-20 attempts...just my theory. Lucky that it even works but definitely might wanna get that fixed/get rid of. Maybe do a reflow and see how that goes.