The Status Light blinks-amber on power-up. It blinks approx 31 times then goes blue (or is it green?).
If I hit remote keys, the light goes off on the keypresses.
While on, if I press and hold the "Menu" + "-" keys, the display goes off and it appears to reboot - get the blinking amber lights again, then back to blue.
I've tried both the HDMI and Component video outputs on my Sony TV, and also on a Dell Monitor.
Incidentally, I have a second AppleTV (a newer 160gb version) that works fine on my TV, so I'm assuming the display settings are acceptable.
thanks,
-h
P.S. I think I can see the sailboat now...cool!