The Dreaded Red Led of Nothingess

[nickarls]

(since there appears to be an entire subforum for this, I'll skip the "have you searched the forums"-part) ;-)

So. I got my 2G version in one of the first batches, never got it to boot but have now returned for a second round. The problem is that all I get at boot is a red led

1. I have an fast, authentic memory card
2. I have tried burning two different images with Phoenix Card and DiskImager
3. I don't have an Ethernet cable attached
4. I have tried two different power supples (5V/2.1A latest one)

Is there *any* way of debugging the boot process so I can figure out if it's a power issue, an image issue or a hardware issue?

thanks in advance,
  Nik