I'm not an alarmist but I had a simular thing with a first year Volvo S80.  Deep thumping knock much like a rod knock.  Every time I took it to the dealer it had gone away.  Told them to keep the car until they figured it out and only try under a cold start.  They found it was piston slap.  They said about 2000 engines were built with excessive piston clearance.  Got a brand new engine at 30k miles.  Problem solved.  Don't ignore it!  Funny thing, my S 80 was built the first year Ford owned Volvo.