Hi Mak,
Excuse my english..
Same thing arrived to my Pod HD, it worked nice 2 or 3 years and one day... reboot in loop again and again, connected to computer or not, again and again, I tryed to reset by holding the left arrow and it worked, it didn't reset the flash memory, didn't lose the patchs, it just stoped to reboot , and now it works correctly, try to hold the left arrow before switch on...
Friendly.