Okay, I have just never experienced this. I checked my tech net notes, and you are most assuredly correct. Thank you for alerting me to the error in my thinking...I did say I didn't trust myself to "wing" it on the newer models. However, in the quick sheets, on this TNN 36-35 08-01-2002, it states:

No Crank, no text, no DTC (and I am assuming we have no text, or it would have been noted since it flashes before your eyes in the information screen):

S60,V70, V70XC, and S80 will not allow you to crank the car if:
* the gearshift is not in park/neutral mode
* clutch not pressed (Manual with start blocking)

As an FYI here, I have had to adjust TONS of gear selector cables and even replace two of these cables(for people who couldn't get their car out of park on an incline) so I guess it is reasonable to "assume" (yes, I know what assume stands for) that an out of adjustment or totally worn cable could cause a this no crank problem.

All the other No Crank sheets state that there is text displayed, such as

IMMOBILIZER SEE MANUAL
START PREVENTED TRY AGAIN
IMMOBILIZER START PREVENTED in which case there will be a hard code:
DTC 6C41 ICK short to plus
DTC 6C42 ICK short to ground/OC
DTC 6C43 IDS short to plus
DTC 6C44 IDS short to ground/OC
DTC 6C46 IAU internal fault
DTC 6C48 Wrong, not programmed, not recognized, or no transponder in key
DTC 6C49 Wrong transponder response

ICK = Immo clock, IDS = Immo data signal, IAU = antenna

So, I hope this helps everybody make a now "educated guess". Still a guess though...To the original poster of this thread...try wiggling the gear shift if/when it happens again.

Chris