Over on facebook beta testers:
I figured out how to fix v2 cams that have been bricked. The issue when it boots up with a solid yellow light and after about 30 seconds it just goes off and does nothing. Then ends up rebooting over and over again if you keep it plugged in.
The key to fixing the issue is during boot up once the solid yellow light goes off, immediately push the setup button on the camera. The camera will say ready to connect or something to that effect. By going into setup mode it steers the camera away from continuing the normal boot up process which causes it to crash. Right after it says ready to connect you can hold down the setup button for 10 to 15 seconds and it will do a factory reset. You can immediately tell that the subsequent boot up process is a little different because there will be moments of the blue light blinking. Once it boots up it will now blink yellow making it ready for you to set up. Go through the regular setup mode and it should work just fine.