They are sequential bloomers. Mine rarely have 2 open at the same time and more often the old bloom comes off right before the new bloom opens. Totally normal in my experience.

Is this the first time it has bloomed for you?

I just bought it from a local grower, but it looks like a pretty mature plant. It has 2 offsets(?), not sure the orchid terminology lol. It just seemed odd since the flower looked relatively new. Didn't seem close to shriveling or falling off :(

Totally normal. Is it your first Phrag? Mine have great blooms one day and the next they're on the ground. They don't shrivel up the way phals or vandas do. My guess is that the stem piece that holds the bloom on gets old before the bloom does and detaches.

http://forums.gardenweb.com/discussions/3124542/phrag-eric-young

Very similar to mine!

Yes, this is my first phrag. A little saddened to hear they drop their flowers that way, but they're very pretty while they're attached!! Thanks for your help x