2001 V70 T5, 66K miles.
Hello, My throttle felt like it was not working right today a couple of times. It felt like it was stuck mid range for a few seconds. At a stoplight I hit the gas and it did not move very much at first then the "Engine service light" came on. I drove another 50 miles at freeway speeds to get to work. All seems ok now, except for the light. Is this the dreaded Electronic Throttle control problem? Regards, Chris

You can read the code anytime if it is stored (CEL on). CEL stays on if you have failures in back to back drive cycles. You can also read the code (pending code) if you got a warning on the last drive cycle. But the pending code will erase if the current drive cycle doesn't experience failure.

The easist way is to carry a OBDII reader with you to check the code when the failure occurs. Alternatively, you can drive to a gas station or auto parts store and they can probably read it for you.

When I cross referenced my failure code against this table, it clearly showed ETM internal failure.

http://www.volvoxc.com/resources/how-to/pdf/p_codes_conversion_table_standardized_dtcs.pdf
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2001 Volvo V70 T5 ASR Wife says we are Volvo for Life, 1992 BMW 535iA becoming The Ultimate Driving Machine

Sounds like it very well could be. Get your codes read...most likely the ETM code can only be read by the dealer though.
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1998 S70 T5 Emarald Green Metallic, 2004 V70 2.5T Ruby Red, Previous Owner of Black '94 850 Turbo Wagon. My cars have been running so well lately they've got me worried.