After a botched summerboard install, mine is stuck here at apple logo too. I deleted everything I copied over when I tried to install summerboard, but the ftp connection dropped a few times in the process and here I am, trying to restore. I guess I will spend the next hour holding buttons like the op. Why is it such a bastard when you are trying to restore it?? It did this to me when I restored it before I jailbroke....but at least then I could get the "connect to itunes" screen.
As a hilarious side note, I can still SFTP into it (sometimes) and iTunes can see it fine. Great. Just Great.
now I got "connect to itunes"....hmm lets see...think I'm gonna try the one w/ AUTOMATIC summerboard this time. yeah