This thread has been dormant for a while but I thought I would share my experience anyway.
I recently received a bunch of 5308xl switches with this gig module and two of them were failing on by test bench. I was testing the power supply redundancy by unplugging/plugging one of the two power cords and somtimes a module would fail.
At no time was there any trap sent nor was there anything in the syslog. A soft boot would not bring back the module but would log the failure locally. An issue with the OS prevents boot-time errors from being sent to the trap. A cold boot would resurrect the module.
HP replaced both modules and both chassis and I have not been able to reproduce the problem since.
The switches are still on the test bed and will not go in production until some software notification issues are resolved. I still have a nagging concern about the lack of notification when the module failed as that points to an OS issue that hardware replacement does not solve.