I was out Wed morning, and saw a few good burners, one being a very bright one, at least as bright as Sirius, which left an ion trail for about 5 seconds. Also left a nice residual image on my retina as it went through my field of vision as I was looking at M104 through my scope!
http://www.imo.net/calendar/2008?PHP...32ae34c8fa#gno
I have been informed by someone else that it was most likely one of these Normids what you saw. It should have been in the north west from Chadstone if it was the same one I saw. But I'm sure it was closer to 3:30 for me.