@billt
Disconnect any sata drive and see if you've got the CFE complaining about Low memory.
Then reconnect them and try to start again.
On serial, if well configured (speed set to 115200 bps), you should see something like this if all goes well:
[RELO][L1CF][GOLO][GOT ][ZBSS][INIT][MAIN][KMEM][EXCP][CONS][CIOK][AREN][PCIH][PCIB][PCIS][DEVI]
CFE version PAS-2.0.30 for NEMO (64bit,MP,BE,PPC)
Build Date: Fri Jun 8 16:04:49 CEST 2012 (hfrieden@jumpgate)
Copyright (C) 2000,2001,2002,2003,2004,2005 Broadcom Corporation.
Portions Copyright (C) 2005-2008 PA Semi, Inc.
Portions Copyright (C) 2010 Hyperion Entertainment CVBA
...
ATAPI unit 0: Optical Drive, "TSSTcorp CDDVDW SH-222AB"
IDE unit 1: Disk, "WDC WD10EARS-00MVWB0", Capacity:931GB (lba48)