I have a WL500gP v1.
I'm using mostly the current firmware from http://wl500g.googlecode.com/ and have mediatomb installed.
So far, no problems. Since some versions of the firmware even the installed programs and files under /tmp/local have not been lost after flashing.

Recently i changed some settings in mediatomb and therefore saved the settings to flash (flashfs save/commit).
After reboot I had no WLAN, the "AIR" LED was blinking constantly with approx. 1Hz. After power-cycling it was working as usual.

But now, I think every second time I swich on the router (I have powered off when not needed) AIR is blinking and no WLAN, after power-cycling it works within a few seconds.

Did someone already experience a similar problem and has already found a solution?