Update:
I've replaced the caps but no changes - when i plug it in all LAN led's turn on and no reaction whatsoever.
I've probed around the CPU - no activity on the memory bus or on the FLASH, just several 33Mhz clocks and a lot of pins that are sitting at ~ 280mV.
There is a CF card that has a file system with some configuration data that seems ok ( no change when this card is unpluged )
No activity on the serial console, etc.
I'll try to see if i can connect to the boot flash (intel 28F320)- there is a 2x8 connector next to it.
The CPU is in a BGA package - maybe there is a loose connection ?