I know it's been a few months, but I thought I throw in this update. Today I experienced the same issue as the OP. I scoured the web and this was the only relevant post I found with no real resolution for me. Here's my story.
Restarted my switch today to quickly restart a bunch of PoE phones. The switch never came back up. It flashed the fault light and the DIM light. Tried power cycling, re-seating the management module, removing all modules except the management module, and re-seating all the modules. None of them work. I noticed that there was a CF card and a memory DIMM on the management board. Right above the DIM light is a CF light, so I thought...meh...what the heck, it's already broken. So, I replaced the memory with another one I had spare (replaced the 256MB PC2700U with a 512MB PC2700U DIMM). 'Lo and behold, the switch came back on!!! Thank you God for us being pack rats and having those old memory around!!
Anyways, just thought I post this up on here. This solution worked for me and thought it might help some poor soul who stumbles upon this thread. Keep a spare chassis!! It'd be less stressful.
