I just had the same issue with my nexusNexus 4, phone suddenly died, press the power button and it would flash the white googleGoogle then turn off. I tried several times use the power button and even hold both volume buttons and power at the same time, nothing. So I plugged it in the charger and saw the blinking red light, thought, "Oh no this is not good."
Then I came here and read, "This does not necessarily mean your phone is dead. Your phone will flash the red LED light briefly when the battery is completely drained," so I left the phone in the charger for a couple minutes and the white battery indicator finally came on after a couple minutes. I now realize the battery was completely drained and I did not have a glass brick for a phone, all. All hail the forums!