Asus WL-500G Premium V2 router - everything is on, AIR is blinking. Not visible on the web. How to recover?

Question

ASUS

WL-500G Premium V2 - all on, AIR blinking. Not visible on the web.
The power supply does not sag when the PSU is connected, stable 5.25V.
Resets do not react in any way.
Doesn't ping.
When power is applied, all LAN and WAN light up at once (even if nothing is connected), after a second POWER lights up, after a few more seconds. AIR starts flashing rhythmically.
The console outputs the following from the COM port:

Decompressing..........done


CFE version 1.0.37 for BCM947XX (32bit,SP,LE)
Build Date: Mon Jan 28 10:52:32 CST 2008 ([email protected])
Copyright (C) 2000,2001,2002,2003 Broadcom Corporation.

Initializing Arena
Initializing Devices.
Boot partition size = 131072(0x20000)
CPU type 0x29029: 240MHz
Total memory: 32768 KBytes

Total memory used by CFE:  0x80400000 - 0x80497FF0 (622576)
Initialized Data:          0x8042F370 - 0x80431830 (9408)
BSS Area:                  0x80431830 - 0x80431FF0 (1984)
Local Heap:                0x80431FF0 - 0x80495FF0 (409600)
Stack Area:                0x80495FF0 - 0x80497FF0 (8192)
Text (code) segment:       0x80400000 - 0x8042F370 (193392)
Boot area (physical):      0x00498000 - 0x004D8000
Relocation Factor:         I:00000000 - D:00000000

Null Rescue Flag.
Loader:raw Filesys:tftp Dev:(null) File:: Options:(null)
Loading: TFTP Server.
Failed.
Could not load :: Error
Loader:raw Filesys:raw Dev:flash0.os File: Options:(null)
Loading: .. 5192 bytes read
Entry at 0x80001000
Starting program at 0x80001000
Linux version 2.6.22.19 ([email protected]) (gcc version 4.2.4) #1 Sat Dec 24 17:45:28 CST 2011
CPU revision is: 00029029
Setting the PFC to its default value
Determined physical RAM map:
 memory: 02000000 @ 00000000 (usable)
Built 1 zonelists.  Total pages: 8128
Kernel command line: root=/dev/mtdblock2 noinitrd console=ttyS0,115200
Primary instruction cache 16kB, physically tagged, 4-way, linesize 16 bytes.
Primary data cache 16kB, 2-way, linesize 16 bytes.
Synthesized TLB refill handler (19 instructions).
Synthesized TLB load handler fastpath (31 instructions).
Synthesized TLB store handler fastpath (31 instructions).
Synthesized TLB modify handler fastpath (30 instructions).
PID hash table entries: 128 (order: 7, 512 bytes)
CPU: BCM5354 rev 3 pkg 0 at 240 MHz
Using 120.000 MHz high precision timer.
console [ttyS0] enabled
Dentry cache hash table entries: 4096 (order: 2, 16384 bytes)
Inode-cache hash table entries: 2048 (order: 1, 8192 bytes)
Memory: 29420k/32768k available (2317k kernel code, 3348k reserved, 456k data, 112k init, 0k highmem)
SLUB: Genslabs=6, HWalign=32, Order=0-1, MinObjects=4, CPUs=1, Nodes=1
Mount-cache hash table entries: 512
NET: Registered protocol family 16
PCI: no core
PCI: Fixing up bus 0
Time: MIPS clocksource has been installed.
NET: Registered protocol family 2
IP route cache hash table entries: 1024 (order: 0, 4096 bytes)
TCP established hash table entries: 1024 (order: 1, 8192 bytes)
TCP bind hash table entries: 1024 (order: 0, 4096 bytes)
TCP: Hash tables configured (established 1024 bind 1024)
TCP reno registered
squashfs: version 3.0 (2006/03/15) Phillip Lougher
io scheduler noop registered (default)
HDLC line discipline: version $Revision: 4.8 $, maxframe=4096
N_HDLC line discipline registered.
Serial: 8250/16550 driver $Revision: 1.90 $ 4 ports, IRQ sharing disabled
serial8250: ttyS0 at MMIO 0x0 (irq = 3) is a 16550A
serial8250: ttyS1 at MMIO 0x0 (irq = 3) is a 16550A
PPP generic driver version 2.4.2
PPP Deflate Compression module registered
MPPE/MPPC encryption/compression module registered
NET: Registered protocol family 24
PPPoL2TP kernel driver, V0.17
PPTP driver version 0.8.5
Physically mapped flash: Found 1 x16 devices at 0x0 in 16-bit bank
 Amd/Fujitsu Extended Query Table at 0x0040
number of CFI chips: 1
cfi_cmdset_0002: Disabling erase-suspend-program due to code brokenness.
Flash device: 0x800000 at 0x1c000000
Creating 5 MTD partitions on "Physically mapped flash":
0x00000000-0x00020000 : "pmon"
0x00020000-0x007f0000 : "linux"
0x00104800-0x00700000 : "rootfs"
0x00700000-0x007f0000 : "jffs2"
0x007f0000-0x00800000 : "nvram"
Found a 0MB  serial flash
sflash: found no supported devices
u32 classifier
    OLD policer on
Netfilter messages via NETLINK v0.30.
nf_conntrack version 0.5.0 (512 buckets, 4096 max)
ip_tables: (C) 2000-2006 Netfilter Core Team
net/ipv4/netfilter/tomato_ct.c [Dec 24 2011 17:45:27]
NET: Registered protocol family 1
NET: Registered protocol family 17
802.1Q VLAN Support v1.8 Ben Greear <[email protected]>
All bugs added by David S. Miller <[email protected]>
VFS: Mounted root (squashfs filesystem) readonly.
Freeing unused kernel memory: 112k freed
Warning: unable to open an initial console.
et: module license 'unspecified' taints kernel.
eth0: Broadcom BCM4318 802.11 Wireless Controller 5.10.56.46
Algorithmics/MIPS FPU Emulator v1.5
Saving...
nf_conntrack_rtsp v0.6.21 loading
nf_nat_rtsp v0.6.21 loading
/ # vlan0: No such device
eth1: No such device
eth2: No such device
eth3: No such device
lo: File exists
vlan1: Setting MAC address to  90 e6 ba f8 35 55.
device eth0 entered promiscuous mode
VLAN (vlan1):  Setting underlying device (eth0) to promiscious mode.
vlan2: Setting MAC address to  90 e6 ba f8 35 56.

Any advice on how to revive it?

Answer 1

flash current

Answer 2

How? There is no link. Doesn't ping over IP.