Got the same problem, and the same fix. Anyone know what this is caused by? Seems like it need to cool before it would start again.

I got the same problem. The box shows almost the same text on the display, only with a newer bootloader version.
The box was standing like this and looping, when i tried to do some measurements with a multimeter on the power supply connector to the mainboard. When i was doing this, the connected screen suddenly showed the boot image. Now the display on the box also had changed to Dream Multimedia booting. On the screen it was booting as normal, but after some time it rebooted. I tried to flash it with ******2, and then it booted normally and i could go through the setup wizard. I did not have anything connected to the tuners, so i choosed to not run a channel search. I finished the wizard and could use the menus and everything as normal. I choosed to reboot it from the menu to see if it still worked after a reboot. It did not. It shows the bootlogo and the display turns to dream multimedia booting, with the progressbar increasing. Then it starts replying on ping, and i can connect to it via telnet, but after a little time, before it has booted completely, it restarts.
Now, after some reboots and powercycles, it boots correctly again.
I think that the problem is caused by the power supply. I think that during the boot process, the amount of current consumed by the cpu is increasing. When the current reaches a given level, the half-defective power supply turns off. When it turns on again, the system is not booted and the current consumption is low. When it increases during the boot, the same thing happens again.

I will do some more testing and try to get a new power. Will post here if i find a solution.