Just today I got my long awaited Raspberry Pi!
I followed each instruction in the quick start guide, downloaded a Debian Squeeze 40MB iso for ARM and dd-ed it onto a 1GB generic SD card which I plugged in to the RasPi. I connected my HDMI monitor to the HDMI connector, a USB keyboard and mouse and a 5V 850mA power supply. The PWR LED lights up although on the monitor I get the NoSignal monitor message. All the other LEDs are out, except that the OK indicator lights up very dim and stays dim. Nothing else happens.
I've also tried booting with a USB flash drive. I suppose even if the SD card or the USB flash drive isn't working or setup properly, there should be some POST messages prior to booting (I didn't find a video where I could confirm that, though.)
What I do know:
The HDMI cable and all of the peripherals are working on their own.
TP2-TP1 test point voltage is 4.99V (perfectly almost 5V), 3.3V on GPIO is 3.32V (still good) and I even scraped a bit of the lacquer where Eben had to repair the 1.8V rail on some of the earlier boards and the 1.82V is there, too.
Physically there is nothing wrong with it, everything seems to be like it should be.
Thank you for your help