Same problem here. Yesterday, my 500gP (v1) died. Without any cables connected, all the leds, except POWER and AIR stay on.
If I connect a LAN port on router with a LAN port on a computer, they connect for a few seconds (the LAN led on router lights on, the status on LAN port on computer says "connected") and then they disconnect (all the leds, on router, except POWER and AIR, light on, and status on computer goes "disconnected"). Then, it keeps cycling.
I'm going to buy an 500gP v2.
