Ive ran into this same issue. With Yosemite upgrade not clean install, more on that in a moment.
Opened my MBP Late 2011 from sleep and it froze.
Hard Reboot only to be greeted by a progress bar that never finishes (10-20%) then goes to gray screen.
Every and all of the PRAM/SMC recovery console, terminal repairs, any other suggestions were fails. The issue i found with the "booting" error NOT VIDEO errors with Yosemite is there is a "on" or "instant on" issue. I had installed Yosemite over Lion not a clean install. The issues happened about 2 weeks later. They progressively got worse. Issue started with a small freeze here or there and a hard reset. I even went as far as erasing the drive and installing Yosemite again. That did not fix the issue, I could never get back to my desktop/finder.
Fix for me for the "gray screen" and unable to boot past the progress bar was to make a USB Bootable drive with Yosemite. And erase all the drives (2 partitions on my 256 Samsun SSD EVO). Reformat to a single drive. Run disc repair and verify permissions. Repartition to your needs and start all over. I may be speaking too soon but this issue has NOT come back, going on 3 days. You will need to boot to an external drive to erase/partition the main hard drive.
Boot to USB Disk with Yosemite
ERASE drive
PARTITION TO 1 DRIVE
ERASE drive
DISK CHECK
DISK VERIFY
PARTITION TO 2 DRIVES
ERASE drives
DISC CHECK
DISK VERIFY
Boot to USB Disk with Yosemite
Install Yosemite
Just for "info"
I have the discrete graphics card in my laptop (many people claim the same symptoms are fixed with a new logic board). It would do the boot and fans go at high speed etc all those things you read about. If you can boot to your recovery screen (command+r), then it should not be the graphics card causing the gray screen. All functions like terminal, disk utility etc worked, even downloading from the internet (internet recovery) would work but I would still be greeted by the gray screen. Downgrading to Lion via internet recovery did NOT help the issue, I was able to get to my log in screen (one step farther than the apple progress bar screen with Yosemite loaded), enter my name/pw and there would be a "beachball of death" (Lions version of the progress screen), never a gray screen after the downgrade. Thats when i decided to do a FRESH/CLEAN install of Yosemite. I have Time Machine backups and those would NOT get my MBP to boot past the gray screen.
Anyone doing the change from 10.x to 10.xx Id make a suggestion to do a clean install.
Good luck. If you are unable fix the issue, make an appointment with a Genius.