Yes, you can see the routerboard start-up and you can select how the router must startup.
Example select etherboot for netinstall. http://www.wirelessinfo.be/index.php/mikrotik/pages/seriale
In this example see you the start-up procedure but i must this further ullistrate that.
Yes, I’ve followed that procedure exactly, and tried variations including hardware short. Totally unusual response - no beeps at all, all lights are on and none go off even after 2m of holding down either reset button. It won’t boot in any fashion and does look like a warranty job, but I’m in the habit of looking at a console before claiming that.