Solved Asus RT-N66U Stuck in Boot Loop. Please Help!

My 1 year old Asus Router is stuck in a boot loop. I have tried holding down the reset button while the device is unplugged and then plugging it in which is suppose to put it in recovery mode but I keep getting this error everytime I try to flash it back to factory settings.
Does anyone have this router and/or has possibly experienced this same issue? If so please share because I'm at wits end with this $180 router. Any help would be appreciated. Thanks.

Funny thing, I just got this same router several days ago. Try this to get into rescue mode:

With the router disconnected, press and hold the restore button. Connect power, and continue holding the restore button until the power light starts slowly flashing on and off. It's now in recovery mode.

Next connect an Ethernet cable from your system to one of the router's LAN ports. On your system's Ethernet interface, you can either configure it for DHCP and wait a bit so it gets a self-assigned IP address (169.254.###.###), or you can assign 192.168.1.2/255.255.255.0 to it. If you do the latter, you should be able to open up a web browser and visit the recovery mode website at http://192.168.1.1/. From it you can erase the NVRAM and upload a firmware, though I prefer the utility because it forces you to wait until the firmware is flashed and working.

You may want to read through the entire post: http://www.linksysinfo.org/index.php?threads/the-wireless-router-is-not-in-rescue-mode-asus-rt-n66u-help.68801/

I also recommend Merlin firmware, running beta3 and no problems: http://www.lostrealm.ca/tower/node/79

There is no such thing as a Boot Loop with a router. You most likely "Bricked" it somehow. You could try contacting Asus about having them unbrick the unit. See if these instructions will work DD-WRT Forum :: View topic - From bricked to unbricked [ ASUS RT-N66U ] unbrick rtn66u - SmallNetBuilder Forums

For ASUS RT N66U:
WPS button: pressing the Red WPS button while power-up, will clear the NVRAM. All settings are stored in NVRAM of this ASUS router. Clearing the NVRAM is the most efficient way to reset the router to default settings.

That is: press and hold the WPS button, keep pressing the reset button while plugging in the power, then keep holding the WPS button pressed for about ten seconds, then release the WPS button. All settings have now been wiped, and default settings will be used.

I've tried everything that was recommended on this thread and nothing has worked. Thank you to all who offered advice. I'm just going to talk it up as a lost. I just picked up a AirPort Extreme and the RT-N66U is going in the trash.
Thanks again guys.

Bummer, sounds like the hardware gave out. Thanks for updating us on it though.