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Do you have acces to a psp charger?The 700 has the same power requirements as the 505 right, i dont own one so im not sure the psp charger would work on it. I know your reader is charged but maybe it would help to "kick" it out the hang.
Try removing all the books from the memory card and the internal memory.
Reset it again but just leave it alone for a while, it might be parsing the books you have on it (it might take a while to boot up if you have too many books)
My internet is slow right now but you should search in the 700 and 505 forum for people with Readers that wont boot up, maybe what they did might help you.
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