Edgerouter lite fails to boot...

I have an ERL that is failing to boot.

Here is the boot output from the console:

U-Boot 1.1.1 (UBNT Build ID: 4493936-g009d77b) (Build time: Sep 20 2012 - 15:48:51)

BIST check passed.
UBNT_E100 r1:2, r2:14, serial #: DC9FDB80038D
Core clock: 500 MHz, DDR clock: 266 MHz (532 Mhz data rate)
DRAM:  512 MB

Here is a GOOD boot output for comparison:

U-Boot 1.1.1 (UBNT Build ID: 4493936-g009d77b) (Build time: Sep 20 2012 - 15:48:51)

BIST check passed.
UBNT_E100 r1:2, r2:12, serial #: DC9FDB29AEFC
Core clock: 500 MHz, DDR clock: 266 MHz (532 Mhz data rate)
DRAM:  512 MB
Clearing DRAM....... done
Flash:  4 MB
Net:   octeth0, octeth1, octeth2

USB:   (port 0) scanning bus for devices... 1 USB Devices found
       scanning bus for storage devices...

The one that fails to boot never clears the DRAM.  I initially thought this was a bad flash drive, but it's not even getting far enough to look for the flash drive.

Ideas?  Or is it truly dead?