Yeah, this was definitely a heat problem. I actually started getting worried because there was no activity. So, I went and grabbed a fan and almost immediately the light started to fade out. Probably, took about a minute to finally go out.
That said, it didn't matter anyway. Because, I screwed up with some of the configure flags again, sigh...
Seems like "'--enable-hwaccel=264_mmal" isn't recognized. So, I'm hoping --enable-mmal and --enable-libx264 will do the trick for HWaccel.