Hello,
During my try yesterday on Firmware Update, I'd had this problem too.
In most cases, what I've seen were:
a: After power on, the screen white outs, then verticle color bars appear -> hang.
b: After power on, normal boot message appear, but blurs -> hang.
c: After power on, green boot message appear, but blurs -> hang.
d: After power on, screen blurs -> hang.
In most cases the normal menu didn't come up after waiting 5min so I just turned GP2X off. But, it seems as if you on->off frequently without time in between this happened more often.
If you wait 5min or so inbetween hang->power on, it might go on.
But, since it was in the middle of the firmware update, probably the firmware you've flashed last was the problem.
What I'd did was after getting the above, bought a new 128MB SD Card,
flashed the firmware, gp2xkernel.img, booted up -> firm update -> power off
flashed the 2nd, gp2xboot.img -> firm update -> power off
to be sure, just powered on, and things came as normal. -> power off.
flashed the rest from Utility -> power off.
Power on -> normal.
From what I had experience, probably the problem would be the imcompatible SD used firmware update problem. (If the battery isn't the case).
It sure looks bricked, but no, with good battery and good SD card, it will boot up using the Firmwares.
Try getting a F/W upgrade workable SD Card. (Bought a 128MB IOData)
Hope this helps....