So. I just tried taking the lid off and poke around a little.
At first glance, no blown caps.
I then tried disconnecting ribbon cables one at the time. With no difference.
But there were two ribbon cables connecting the HDMI board to the AMP board. If i disconnected either of those, the "CLEARING" text only blinked 4 times, then there was a pause and it started over, the power supply didnt click though.
Coming from a software development background, my thinking is that the reset procedure crashes, because it cannot contact the AMP board. And then starts over.
Whereas if i leave everything connected it keeps blinking steadily for about 5 minutes, before i can hear the power supply clicking, and the loop restarts.
So whatever is going wrong when all the ribbon-cables are connected, doesn't cause the procedure to crash. It just eventually times out.
I dont know if the above is of help to anyone, it just thought i would write down my findings.