same here. sounds like OP's phone may be stuck in a loop. try forcing recovery mode http://support.apple.com/kb/HT1808I had a progress bar, though.
If you chose "Erase All Content And Settings" than the Apple logo is all you're going to see.
The phone will need to be restored through iTunes to be used again.
i went to settings, clicked "erase all data and reset phone" on my 32gb iphone 4
running ios 5.1
i have had the spinning wheel for about 30 minutes now. should i wait longer or do a hard reset? is it frozen or just taking its time to erase all 32gb of data?